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National Bank of Georgia Seeks Pioneering Partner for Revolutionary CBDC Project

Jack Evans
Sep 29, 2023 at 08:26 pm

The Path to Innovation:

Picture this: the National Bank of Georgia, nestled between Europe and Asia, envisions a future where digital money is as tangible as the cash in your wallet. With the aim of exploring the uncharted territories of CBDC, they're planning to launch a Limited Access Live Pilot Environment. This environment will serve as the crucible to experiment with various use cases, pushing the boundaries of CBDC technology and discovering its potential applications.

After meticulous research and deliberation, NGB has identified a select group of nine pioneering companies that stand poised to embark on this momentous journey. These industry leaders include AUGENTIC GmbH, Bitt Inc., Broxus Holdings Ltd., Currency Network Ltd., DCM Corp Limited, eCurrency Mint Inc., FARI Solutions Ltd., Ripple Labs, Inc., and Sovereign Wallet Co., Ltd. Each of these companies brings a unique set of skills and insights that could shape the future of digital finance.

A Visionary Partnership:

The future of finance is at the crossroads, and NGB is leaving no stone unturned in its quest for excellence. After rigorous evaluation, the National Bank of Georgia will select just one of these extraordinary companies to join forces with, working hand in hand to develop the digital GEL and bring it to life in the Limited Access Live Pilot Environment. The potential for innovation and growth in the digital finance space has never been more exciting.

Georgia: A Cryptocurrency Haven:

But what makes Georgia the ideal location for such a revolutionary venture? The answer lies in its forward-thinking legal framework for the crypto industry. Georgia is a welcoming home for crypto entrepreneurs and businesses, thanks to its progressive stance on financial, tax, and compliance laws. In this crypto-friendly haven, Georgia offers two distinct types of crypto licenses: the Virtual Asset Service Provider (VASP) license and the Private Unitary Virtual Asset (PUVA) license. This unique regulatory environment positions Georgia as a prime hub for blockchain and cryptocurrency enthusiasts, making it the perfect backdrop for pioneering endeavors like NGB's CBDC project.

In a world where finance is rapidly evolving, the National Bank of Georgia stands at the forefront of innovation. With the quest to create the digital GEL and the launch of the Limited Access Live Pilot Environment, they are not only shaping the future of their nation's currency but also pushing the boundaries of what's possible in the world of digital finance. As they set out to choose their partner in this transformative journey, the world watches with anticipation, knowing that Georgia's forward-thinking spirit is leading the way towards a brighter financial future.

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