Digital Euro Association Praises Ripple: Here’s Why

The DEA takes to the X platform to acknowledge Ripple’s involvement in the National Bank of Georgia’s digital Lari pilot project.

In a tweet yesterday, the Digital Euro Association (DEA), a digital money advocacy group, recently spotlighted Ripple’s involvement in the National Bank of Georgia’s (NBG) central bank digital currency (CBDC) project.

The DEA emphasized that the National Bank of Georgia selected Ripple as its technology partner for the digital Lari (GEL) pilot.

📢The DEA member @Ripple becomes the #tech partner for the National Bank of Georgia’s Digital GEL Pilot Project. Ripple is a leading cross-border #payments network that helps financial institutions integrate #blockchain and mint #digital assets.https://t.co/a8S69BTmSB

— Digital Euro Association (@DigiEuro) November 7, 2023

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National Bank of Georgia Partners Ripple for CBDC Project

Recall that Ripple made headlines last week after it announced its involvement in the NBG’s CBDC pilot project.

Before Ripple’s selection, the blockchain company went through a tough selection procedure conducted by the NBG. In September, the Bank of Georgia released a list of nine companies that could eventually become its technology partner during the second testing phase of digital Lari.

At the time, NBG included Ripple alongside eight other companies, such as Broxus, Bitt Inc, DCM Corp, Currency Network, Augentic, and others, as potential technology partners for the project.

The apex bank of Georgia announced Ripple as its preferred choice for the digital Lari. The NBG selected Ripple due to the company’s expertise in CBDC developments, as well as its knowledge of the project’s use case.

In addition, Ripple’s CBDC Platform also played a pivotal role in the company’s selection. According to the announcement, NBG aims to use the platform to assess the benefits of digital Lari to the government of Georgia, businesses, and individual retail users.

Ripple’s Involvement in CBDC Projects

Prior to its involvement in the digital Lari pilot project, Ripple had deeply immersed itself in CBDC developments. Consequently, various central banks seeking to issue CBDCs have selected the blockchain company as a technology partner in their respective digital currency projects.

Earlier this year, Ripple disclosed that it was working with more than 20 countries in relation to CBDC developments. Some of the countries include Palau, Bhutan, Montenegro, and Colombia.

DEA and Ripple Partnership

Meanwhile, this is not the first time the DEA has spotlighted Ripple’s involvement in a CBDC project, as it previously highlighted the company’s selection in Mastercard’s CBDC program.

It is worth mentioning that Ripple has been a “gold-supporting member” of the DEA since 2022. The advocacy group noted that Ripple was selected as a member due to its expertise in CBDC developments.

Earlier this year, Ripple disclosed that its Director of CBDC Product Management, Anthony Ralphs, contributed to the DEA’s whitepaper on CBDC and digital assets.