Georgia National Bank Partners with Ripple for CBDC Issuance
Ripple has been working with various Central Banks and other financial enterprises to offer CBDC processing services. On this account, Ripple has recently signed a contract with Georgia National Bank as its CBDC partner.
The contract was recently revealed in a new social media mention by Antony Welfare, the strategic advisor of the Ripple CBDC department. The official mentioned that NBG or National Bank of Georgia is the apex bank of the state.
The statement further noted that Ripple as a leading tech firm of the world is now working with NBG on the Digital GEL pilot project.
NBG Picks Ripple After a Detailed Selection Process
On the other hand, NBG noted that the Ripple selection process was a detailed process. The first phase of the selection included shortlisting candidates who submitted a Project Execution Plan (PEP). In the next phase, the shortlisted candidates presented how their tech solution would work.
The report issued about the shortlisting process indicated the review committee was made up of internal and external experts working for NBG. Some of the main factors that the committee focused on were utility, dedication to success, well-executed road map, and practical deployment.
CBDC Pilot Project
Ripple was finally named as the final selection by NBG officials following a rigorous scrutiny process. Ripple is now working with NBG officials to start the second phase of its CBDC pilot. Ripple participated in the process with 8 other firms to become the NBG partner.
The other companies participating in the selection process are AUGENTIC GmBH, FARI Holdings, eCurrency Mint Inc., DCM Group, Broxus Holdings, Sovereign Wallet Co., and Bitt Incorporation. Ripple is currently working with five Central Banks as a tech partner for CBDC pilots.
These nations include Bhutan, Colombia, Palau, Montenegro, and Hong Kong. With the addition of NBG, the total number of banks working with Ripple has increased to six. On the other hand, Ripple is also corresponding with more than 20 nations to collaborate with their national or central banks on CBDC pilots.
Ripple native cryptocurrency XRP rose to prominence following a two-year battle against the Securities and Exchange Commission. The outcome was a partial win for the token leading to relisting on various cryptocurrency trading platforms.
Major Victory for Ripple
Attorney John Deaton has been following the Ripple Labs case and shares legal insights into the matter. He recently claimed that a possible $20 million settlement offer for Ripple or less is going to be a good outcome for the firm. His remarks were in response to a post from Stuart Alderoty that SEC has faced a major setback this week.
Alderoty referenced the SEC versus Govil case at the Second Circuit of the Court of Appeals. The court ruling postulated that SEC does not qualify for a disgorgement award without demonstrating real financial harm to the investors.
SEC started the litigation against Ripple Labs in 2020. The federal agency charged the company for dealing in unregistered securities through the sales of XRP. However, Judge Analisa Torres retained that XRP is not a security when it is trading on secondary markets.
On this account, Judge Torres has appointed a joint briefing from defendants and plaintiffs in the case regarding commercial sales of XRP. The ruling from the Ripple vs. SEC lawsuit also dubbed XRP as unregistered security if it was used for commercial investment.
