National Bank of Georgia Starts Working on Digital GEL

By CryptoGeorgia | Fair Game | 30 Apr 2021

The National Bank of Georgia (NBG) is considering launching a publicly available Central Bank Digital Currency (CBDC) to leverage new technologies to enhance efficiencies of the domestic payment system and financial inclusion.

The CBDC is a direct liability of the central bank that can be used to settle payments, or as a store of value and will have legal tender status. In this journey, NBG is inviting technology firms, fintech companies, and interested financial institutions to join efforts to explore the frontiers of financial technology and solve technological, regulatory, and financial issues facing CBDC adoption through a public-private-partnership (PPP).

National Bank of Georgia aims to develop CBDC technology based on the following features:

  • Modular approach.
  • Low cost.
  • Convenience for retail.
  • Interoperability and coexistence.
  • Smart contract layer.
  • Information layer.
  • AML/CFT compatible.
  • Cyber Resilience.
  • Offline payments.
  • Operational limits.
  • Operation approvals. 

For technology choices, interface design, customer management, KYC and AML/CFT, regulatory compliance, and data management National Bank of Georgia is inviting counterparts to join its ambitious plan.

For further information go to the web-page.

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