Georgia’s central bank has partnered with Ripple to pilot the country’s CBDC project, Digital Lari (GEL).The National Bank of Georgia picked Ripple as its technology partner and will jointly plan and seek to deliver the pilot program. GEL will leverage the Ripple CBDC Platform, which is powered by XRP Ledger (XRPL).
Ripple continues to see tremendous traction in terms of the adoption, with central banks, major financial institutions and governments integrating its cross-border payments technology. 
The latest milestone, according to a news release published Thursday, is a partnership with the National Bank of Georgia (NBG). 
News of the partnership comes just hours after Dubai Financial Services Authority (DFSA) announced it had approved Ripple’s XRP to allow firms integrate it in their digital asset services. 
Georgia picks Ripple for its digital Lari pilot
Per today’s announcement, Ripple is the central bank’s official technology partner, and will collaborate via the Ripple CBDC Platform on the country’s Digital Lari (GEL). The selection came after a competitive process that saw shortlisted parties submit a Project Execution Plan (PEP) and a demonstration of their technology.
“The committee selected Ripple due to its technical excellence and the expertise of its team. We look forward to moving ahead with Ripple and we are grateful to all other participating companies for their interest and efforts in the selection process”, Natia Turnava, the acting governor of the NBG, said.
As reported, the testing phase of the project will leverage Ripple’s CBDC technology to evaluate GEL’s practical use cases and potential benefits for the public, businesses and retail users.
Ripple is “currently conducting five pilot programs with different countries’ governments and central banks,” NBG noted in the press release. They include pilots in Bhutan, Hong Kong, Palau, Montenegro, and Colombia. The company is also engaging with more than 20 countries globally.
Ripple’s CBDC technology is powered by the XRP Ledger (XRPL).
$XRP #Georgia

Tether has announced it invested in the Series A round of the Academy of Digital Industries, an educational platform in Georgia.The ongoing financial investment will help support the “real world” education about blockchain, bitcoin, stablecoins and P2P technologies, Tether CEO Paolo Ardoino said.
Tether Operations Limited, the company behind the USDT stablecoin, has made an undisclosed investment in the Series A round of Academy of Digital Industries, a Georgia-based education platform.
The investment in the educational platform follows recent initiatives aimed at promoting blockchain innovation in Georgia. This program is expected to be an ongoing one, with Academy receiving long term financial assistance, Tether said in an announcement on Friday.
Tether steps into education business
According to Tether, the partnership offers the Georgian platform the opportunity to tap into the stablecoin issuer’s global network and expertise as it brings Bitcoin, stablecoins, AI and P2P technologies to students.
The collaboration and investment into the Academy of Digital Industries is also part of Tether’s commitment to support financial freedom and innovation globally, Tether CEO Paolo Ardoino said.
“Tether is a strong believer in financial freedom, freedom of communications, and freedom of education. High quality, accessible, and unbiased education is one of the most important pillars for the future of humanity,” he noted.
In a comment posted on X, the Tether boss said the company “is stepping into the education business.” He added:
“This is Real World Education, not “yet another couple of blockchain and defi courses” play.”
Tether is stepping into the education business.This is Real World Education, not "yet another couple of blockchain and defi courses" play.Academy of Digital Industries has proven their unique aproach to offline+online education, expanding rapidly across a vast variety of… https://t.co/715jfGfxY8— Paolo Ardoino 🍐 (@paoloardoino) December 22, 2023
Apart from the partnership, Tether also revealed an educational program dubbed “Mastering the Blockchain,” had been completed. This is the first such initiative in Georgia, which was made possible in collaboration with the Georgian Agency for Innovation and Technology (GITA) and Business and Technology University.
#tether #Georgia

In the beginning, the governments and central banks ridiculed cryptocurrency. However, as decentralization gained traction everywhere, all the institutions changed their stance. Today, the central banks of various nations are on the verge of adopting Central Bank Digital Currencies (CBDC). It’s a form of cryptocurrency that the government would control. In the same vein, Georgia made a significant announcement that drew the attention of the whole crypto community.
Here’s How Georgia Came To Pick Ripple For Digital Lari
Ripple announced that it has partnered with the National Bank of Georgia (NBG) for its CBDC project. The currency will be called the Digital Lari. In the official statement, the firm provided more details about the vision of this initiative. It said that the focus would be on the future of digital finance. The program will explore the usage possibilities for businesses, governments, and individuals.
Reportedly, Ripple had to go through a stringent selection process for this coveted venture. NBG revealed its intent to roll out the CBDC in September. It said that the bank would soon launch it with limited access. 
Notably, the bank has roped in nine different firms for the nascent phase of the project. All these companies have been chosen on their background, expertise, potential, and willingness to work in such an undertaking.
Some of them are DCM Corp., Currency Network, Broxus, Bitt Inc., Augentic, and others along with Ripple. The selection committee of the bank assessed them on various grounds. It ensured that every chosen company could understand the project’s objectives and applications.
A Milestone For Ripple 
Back in July, Ripple was recognized by Currency Research for its efforts in CBDC innovations. The global conference provider underlined its significant contribution to advancing digital currencies. Even before bagging this partnership with NGB, Ripple had started foraying into CBDC. It collaborated with Banco de la Republica, Colombia’s central bank to evaluate the possibilities of digital peso pilot. 
These projects indicate that Ripple is establishing itself in the growing CBDC space. For a firm that’s engaged in a legal battle with the SEC for irregularities, it’s especially a major feat. The crypto firm is gaining prominence and emerging as a reliable option for governments. These recent projects give the company more credibility. With them, it can become a leader in the CBDC movement across the globe.
What Does it Mean for the Crypto Space?
The growing interest of institutions in crypto indicates that they’re keen to adopt blockchain in one way or another. For cryptocurrency purists, CBDC is a compromised version of the decentralized asset. 
However, it doesn’t truly embrace the technology and ensures that control is maintained in someone’s hands rather than distributing it. However, it’s at least a start and many are happy with it. Like Georgia and Colombia, many other countries are working on their digital currency projects.
In the next few years, the crypto community is expecting CBDCs from many leading nations. Hopefully, it’ll get more attention in the global summits as well. 
$XRP #XRP #Write2Earn #Georgia

Binance has announced the opening of its new blockchain hub in Georgia. The establishment of the new Web3 outpost aims to attract top talent to the blockchain sector and facilitate educational initiatives related to digital finance, as well as further develop the country’s crypto industry.

Binance’s Georgia team currently consists of 25 people, but the company aims to expand the workforce by the end of 2023. The new hub is also expected to step up efforts to strengthen blockchain education and accelerate the adoption of cryptocurrencies in the region.

The announcement of the new hub follows months of productive cooperation with local public and private sector organizations and a series of community events. Binance has partnered with various institutions such as the Georgian Innovation and Technology Agency (GITA), CityPay, and several top educational institutions in Georgia.

Binance and Binance Academy will provide educational materials and organizational support to help partner institutions in the field of blockchain education. The company also hosted a three-day Web3 hackathon in Georgia in partnership with GITA, where developers were able to network and put their Web3 skills to the test.

According to Vladimir Smerkis, Binance’s regional director, Georgia is one of the most innovative countries in the region, and the company sees huge potential and interest in the development of digital assets in the country.

The opening of the new blockchain hub is a logical continuation of the dialogue that Binance started with the government last year. The company aims to strengthen the development of the recruiting program in the country and make an even greater focus on the regional presence of Binance.

Georgia’s status as a hub for advanced financial technologies, strategically located and led by an innovation-driven government, has been highlighted by Binance’s CEO Changpeng Zhao. The new blockchain hub is expected to accelerate the development of the digital-asset industry in Georgia and attract more talent to the blockchain sector.

#Binance #BNB #Georgia #crypto2023 #azcoinnews

This article was republished from azcoinnews.com