Georgia’s central bank launches CBDC project
Central bank says private sector involvement will be “crucial”
The National Bank of Georgia is looking to partner with private sector firms on its new central bank digital currency project – the digital gel.
In a statement published in April, the central bank announced CBDCs had the potential to enhance Georgia’s payment system and improve financial inclusion. The project is named after the currency code for the Georgian lari, GEL.
“CBDCs may become essential for the financial ecosystem and spur private innovation and development of new financial technologies,” the central bank said. “Therefore, full private sector involvement in technology choices… will be crucial”.
The central bank has chosen to use its ‘open regulatory framework’ to work with the private sector to test a number of CBDC models. The central bank said it would use its ‘RegLab’ as a type of sandbox during the project.
The NBG is looking to work with firms who are interested in developing CBDC customer interfaces, know-your-customer and money laundering controls, and data management tools.
Private sector firms wishing to collaborate with the central bank have been asked to contact the NBG’s Financial Innovation Office.
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