The National Bank of Georgia looks set to pilot test its central bank digital currency (CBDC) next year. According to Interfax, the pilot testing will be targeted at retail users.
Recall that in May, the bank announced it was exploring the possibility of developing a CBDC. Now, it seems ready to go ahead with its plan to develop the digital lari.
Papuna Lezhava, a vice governor at the apex bank, ” A digital lari is not crypto currency, but is the evolution of cash.It will improve the efficiency of the payments system and financial inclusion.” According to Lezhava, the digital lari will be able to compete with cryptocurrencies in certain services. However, because of the relative stability, it will not be prone to the speculative accumulation that attends more volatile coins.
The digital lari echoes the vision of other CBDC projects globally. While no specifics were mentioned in the announcement, the coin will enhance the efficiency of financial services, improve financial inclusion and reach the unbanked.
Lezhava believes the digital lari will become a faster and cheaper means of payment than traditional means. He noted that the coin will be usable throughout the day, and would not require an Internet connection.
Despite being a small nation of about 3.7 million, Georgian citizens previously held a huge portion of worldwide mining(about 10.3%). With this announcement, the country joins the league of countries that have taken firm steps towards their digital currencies.
The Vice Governor noted that 85% of the world’s central banks were already working on digital currencies.
Earlier in September, the Basel-based Bank for International Settlements (BIS) launched a CBDC project involving the central banks of South Africa, Australia, Singapore, and Malaysia to test the use of CBDCs for cross-border payments. Also recently, Nigeria launched its e-naira. Many other nations are also in different stages of research, development, and testing of their digital currencies.
“We also want to be at the forefront of this trend,” Lezhava concluded.
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