Fun

Georgia Prepares to Launch Digital Lari Pilot in First Half of 2023

News Feed - 2023-01-17 01:01:41

Georgia Prepares to Launch Digital Lari Pilot in First Half of 2023


The central bank of Georgia intends to publish a document detailing the concept of a national digital currency in the coming months. Other participating parties will use it to finalize their proposals for the pilot which the monetary authority plans to initiate in the first half of the year. Financial Authorities in Georgia Gear Up for Digital Currency Trials


The National Bank of Georgia (NBG) is going to release a ‘digital lari’ whitepaper, allowing potential partners to fine-tune their proposals for the test phase of the project. A pilot version of the central bank digital currency (CBDC) was initially expected in 2022 but the NBG postponed the trials for this year.


“In the first half of 2023, we will publish the document and soon after that, together with the winning partner, we will discuss how long it would take to implement the project,” Deputy Governor Papuna Lezhava explained in an interview with the Rustavi 2 TV channel.


Several alternative approaches to testing the digital incarnation of the Georgian lari have been approved already, the official further revealed. Noting that it remains to be decided whether to continue with the realization of the project, Lezhava said: At the first stage, it will be a rather limited pilot version. On this basis, the technical characteristics of the ‘digital lari’ will be evaluated.


“The mandate of the NBG is to ensure financial and price stability. The development of digital technologies has necessitated the development of the central bank currency and the creation of a digital version of the lari,” Georgia’s monetary policy regulator commented in a prior statement.


The bank elaborated that the need for a CBDC also stems from the need to better meet the requirements of the digital economy and increase the effectiveness of economic policy. It also emphasized that the state-backed coin will have legal tender status in Georgia.


“The digital lari will become a cheaper, more secure and faster means of payment than the current fiat lari in its cash and non-cash forms. The services of intermediaries, commercial banks or payment systems, will not be required to carry out operations with the digital lari,” the NBG detailed while highlighting that the new platform will also be able to function offline. Tags in this story CBDC, Central Bank, Crypto, Cryptocurrencies, Cryptocurrency, Digital Currency, digital lari, document, Georgia, Georgian, National Bank of Georgia, NBG, paper, pilot, project, Testing, tests, trials, Whitepaper


Do you think the National Bank of Georgia will issue a digital lari this year? Let us know in the comments section below. Lubomir Tassev


Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration. Bradesco, One of Brazil"s Largest Banks, Launches Tokenized Credit Notes in Blockchain Pilot FINANCE | 20 hours ago Samsung"s Asset Management Arm Launches Bitcoin Futures ETF in Hong Kong FINANCE | 3 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleAuthorities in Germany, Bulgaria, Serbia, Cyprus Take Down Crypto Scam Network Next articleTanzanian Central Bank Adopts ‘Phased and Risk-Based Approach to Adoption of CBDC’ Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItNFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales


Non-fungible token (NFT) sales saw a small uptick over the last week as $658.4 million in NFT sales were recorded, up 3.35% in seven days. Out of 15 blockchains, Polygon-based NFT sales saw the largest increase in volume, jumping 106.68% ... read more.SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade Iran to Increase Penalties for Unauthorized Cryptocurrency Mining Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether

News Feed

6-month low Ethereum fees suggest altseason is inbound — Santiment
Tom Mitchelhill7 hours ago6-month low Ethereum fees suggest altseason is inbound — SantimentThe Ethereum network had its cheapest day in over six months, which could suggest altcoins could rally “sooner than many may
Plustoken Cash-Outs Could Be Behind BTC Price Drop, Says Report
Plustoken Cash-Outs Could Be Behind BTC Price Drop, Says Report On Monday, the blockchain surveillance company Chainalysis published an excerpt from the firm’s upcoming cri
Ana Paula Pereira3 hours agoUK court grants appeal from Craig Wright in Bitcoin rights lawsuitThe decision reverses a prior ruling, allowing Craig Wright to appeal a lawsuit claiming copyright to the Bitcoin white paper
Bitcoin, Ethereum Technical Analysis: BTC Back Above $40,000 Following Record U.S. Inflation Data
Bitcoin, Ethereum Technical Analysis: BTC Back Above $40,000 Following Record U.S. Inflation Data Bitcoin and ETH both fell below key price levels on Tuesday, as crypto bears conti
Savannah Fortis11 hours agoDisney creates an AI task force to explore the tech and cut costs: ReportDisney has reportedly created a task force for studying how it can incorporate AI into its operations, sources close to
Tristan Greene6 hours agoDAOs can help scientists find funding and community, says Nature science journalDecentralization could help bring scientists in underfunded fields and locations to the table without requiring rel
Cross-Chain Bridge Nomad Loses $190 Million Making It 2022’s Third-Largest Crypto Heist
Cross-Chain Bridge Nomad Loses $190 Million Making It 2022"s Third-Largest Crypto Heist On Monday, the cross-chain token bridge Nomad was attacked and hackers managed to siphon $19
Big Players Bet Big On XRP, Solana With Excitement Around Donald Trump’s Presidency, Here Are The Figures
Este artículo también está disponible en español. The return of Donald Trump to the presidency has caused a wave of enthusiasmin the digital asset market, with institutio
Best Crypto to Buy as Polymarket Nears $1B Valuation & BitGo Hits $100B in Crypto Custody
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Memecoins are back? Dogwifhat price rallies 46% in September
Biraajmaan Tamuly8 hours agoMemecoins are back? Dogwifhat price rallies 46% in SeptemberDogwifhat is currently up 30% in the week, but the number of holders has increased by only 1.29% in the same period. 583 Total view
Bitcoin Miners Are Selling Coins Faster Than They Can Generate Them
Bitcoin Miners Are Selling Coins Faster Than They Can Generate Them According to data sites and a number of observers, bitcoin miners are selling coins faster than they can produ
Bitcoin price must flip $62K to avoid worst 'death cross' consequences
William Suberg16 minutes agoBitcoin price must flip $62K to avoid worst "death cross" consequencesBitcoin is still due to close a daily chart "death cross," but $62,000 resistance could be key to mitigating the