Pilot

Bank AI

<![CDATA[<figure class="image"><img src="https://cimg.co/news/125804/332203/georgia-getty.jpg" alt="" srcset="https://cimg.co/news/125804/332203/responsive-images/georgia-getty___media_library_original_612_403.jpg 612w, https://cimg.co/news/125804/332203/responsive-images/georgia-getty___media_library_original_600_395.jpg 600w, https://cimg.co/news/125804/332203/responsive-images/georgia-getty___media_library_original_300_198.jpg 300w" sizes="100vw" width="612" class="content-img"><figcaption>Source: Getty Images</figcaption></figure>The National Bank of <a href="https://zumo.tech/press_release/zumo-first-to-launch-platform-built-to-meet-the-tech-requirements-of-the-fcas-new-financial-promotion-regime-for-crypto-assets/">Georgia</a> (NBG) has shortlisted nine companies to compete as technology partners for the nation's central bank digital currency (<a href="https://cryptonews.com/tags/cbdc/">CBDC</a>) project dubbed Digital GEL.The national bank of the Caucasian nation <a href="https://nbg.gov.ge/en/media/news/the-national-bank-of-georgia-plans-to-select-a-single-technology-partner-for-the-digital-g">announced</a> Thursday that it will introduce &ldquo;a Limited Access Live Pilot Environment&rdquo; to test its CBDC on the technology capabilities and other potential application areas via use cases.<blockquote>&ldquo;We are delighted to announce that after a long-lasting research stage and careful consideration, NBG has shortlisted 9 companies that have demonstrated sufficient technology potential, maturity, capacity, relevant experience, and desire to join our on-field exploration.&rdquo;</blockquote>San Francisco-based crypto payment giant <a href="https://cryptonews.com/coins/ripple/">Ripple</a>, digital asset management system Bitt, blockchain platform Broxus, and several fintech firms have been selected to participate in the second phase of testing of its Digital GEL project.Ripple&rsquo;s CBDC advisor, Antony Welfare said that the Digital GEL is &ldquo;entering a new stage&rdquo; and the National Bank of Georgia is planning &ldquo;to create a real pilot environment with limited access.&rdquo;<figure class="media"><oembed url="https://twitter.com/AntonyWelfare/status/1707383213419598276"></oembed></figure>Upon completion of the selection phase, NBG would identify a single technology provider among the shortlisted companies, to move forward to the pilot stage and conduct trials for its CBDC, the central bank wrote.<blockquote>&ldquo;At this stage, NBG stays technologically agnostic and considers different underpinning technology solutions to the Digital GEL project that the shortlisted companies can offer.&rdquo;</blockquote>Georgia has been working on its &lsquo;digital lari&rsquo; pilot version which was initially expected in 2022 but the NBG postponed the trials for this year. In January, the bank said that it would publish a document detailing the concept of a national digital currency in the coming months.&ldquo;The digital lari will become a cheaper, more secure and faster means of payment than the current fiat lari in its cash and non-cash forms,&rdquo; NBG confirmed at the time.Georgia laid out its initial <a href="https://nbg.gov.ge/en/media/news/the-national-bank-of-georgia-invites-fintech-companies-to-cooperate-on-digital-gel-project">plans to launch</a> a &ldquo;publicly available&rdquo; CBDC in 2021, calling fintech companies to join efforts to explore the frontiers of the CBDC.
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Georgia Lists Nine Tech Providers Including Ripple and Bitt For its Next Stage CBDC Pilot

Cryptonews.com

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