Georgia Embraces Ripple Technology to Modernize Their Economy

The Republic of Georgia is at the forefront of modernizing its financial sector through a partnership with Ripple. This collaboration aims to digitize Georgia’s economy, leading to improved financial inclusion, efficiency, and transparency. Over the weekend, the National Bank of Georgia [NBG] announced a significant meeting between its top officials and Ripple executives.

During the meeting, Natia Turnava, the acting governor of NBG, and Varlam Ebanoidze, head of the bank’s Financial and Supervisory Technology Development Department, met with James Wallis, Ripple’s Vice President of Central Bank Engagements. The focus of the discussions was on strengthening cooperation in financial technology and exploring opportunities for economic digitalization in Georgia. Wallis introduced Alistair Brown from EPAM Systems, a partner in digital solutions, to deepen technological and operational collaboration.

The inclusion of EPAM Systems highlights the importance of integrating advanced fintech solutions to drive the digital transformation agenda. This recent meeting expands on a previous agreement from late 2023 when Ripple was selected as the official technology partner for developing Georgia’s central bank digital currency [CBDC], the digital lari. The pilot project is testing CBDC technology across sectors such as public services, businesses, and retail, serving as a critical test for future blockchain solutions.

Furthermore, Georgia is not alone in exploring CBDC solutions with Ripple, as the firm has partnered with several other countries for similar projects, including Bhutan, Montenegro, Colombia, and Palau. This collaboration with Ripple is a strategic move to align Georgia’s financial infrastructure with cutting-edge blockchain technology.