Georgia prepares the start of the digital Lari pilot project in the first half of 2023-Finance
Georgia prepares the start of the digital Lari pilot project in the first half of 2023-Finance
The central bank of Georgia intends to publish a document in the coming months in which the concept of a national digital currency is described in detail. Other participants will use it to finalize their suggestions for the pilot project that the currency authority wants to start in the first half of the year.
Financial authorities in Georgia are preparing for digital currency attempts
The National Bank of Georgia (NBG) will publish a white paper for the "digital lari", which enables potential partners to refine their suggestions for the test phase of the project. A pilot version of the digital currency of the central bank ( cbdc ) was first expected in 2022, but the NBG postponed the processes to this year.
"In the first half of 2023 we will publish the document and soon discuss together with the winning partner how long it would take to implement the project," said the deputy governor Papuna Lezhava in an interview with Rustavi 2 TV channel.
Several alternative approaches to test the digital incarnation of the Georgian Lari have already been approved, as the official further unveiled. With reference that it still has to be decided whether the project should continue, said Lezhava:
In the first phase, it will be a rather limited pilot version. On this basis, the technical properties of the "digital lari" are assessed.
"The Mandate of the NBG is to ensure financial and price stability. The development of the central bank currency and the creation of a digital version of the Lari have necessary," commented the monetary policy supervisory authority in Georgia in an earlier statement.
The bank stated that the need for a CBDC also resulted from the need to better meet the requirements of the digital economy and to increase the effectiveness of economic policy. It also emphasized that the state supports coin will have the status of a legal means of payment in Georgia.
"The digital lari becomes a cheaper, safer and faster means of payment than the current Fiat lari in its cashless and cashless form. The services of intermediaries, commercial banks or payment systems are not necessary to carry out operations with the digital lari," explained the NBG and emphasized that the new platform can also work offline.
Do you think the National Bank of Georgia will spend a digital lari this year? Let us know in the comment area below.
Bedy verification : Shutterstock, Pixabay, Wikicommons