{"id":242895,"date":"2021-05-05T22:30:00","date_gmt":"2021-05-05T19:30:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/georgias-central-bank-is-exploring-digital-gel-cbdc\/"},"modified":"2021-05-05T22:30:00","modified_gmt":"2021-05-05T19:30:00","slug":"georgias-central-bank-is-exploring-digital-gel-cbdc","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/georgias-central-bank-is-exploring-digital-gel-cbdc\/","title":{"rendered":"# Georgia’s central bank is exploring ‘Digital Gel’ CBDC"},"content":{"rendered":"

“# Georgia’s central bank is exploring ‘Digital Gel’ CBDC <\/strong>”
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The National Bank of Georgia said that it is considering launching a central bank digital currency.<\/p>\n

In an announcement today, the central bank hinted<\/a> at the issuance of a central bank digital currency, or CBDC, in an effort \u201cto enhance efficiencies of the domestic payment system and financial inclusion.\u201d The National Bank of Georgia, or NBG, said it would be inviting fintech firms and other financial institutions to participate in the project, named Digital Gel after the symbol for the country\u2019s fiat currency, the lari.<\/p>\n

\u201cCBDC holds the promise to unlock the tremendous value of innovative business models for the benefit of society,\u201d said the announcement. \u201cThe introduction of CBDC could increase financial intermedia<\/a>tion efficiency, help introduce new financial technologies, facilitate financial inclusion, and reach previously unbanked populations.\u201d<\/p>\n

However, the bank mentioned the possibility of risks in the launch of a CBDC in the Republic of Georgia given the \u201cnew and potentially disruptive technology<\/a>.\u201d The NBG said it may conduct extensive testing of the CBDC in a controlled environment to ensure a smooth rollout, but did not provide any details regarding a timeline for launch.<\/p>\n

With a population of roughly 4 million and a gross domestic product of app<\/a>roximately $15 billion, a nation like Georgia falls at the smaller end of countries exploring CBDCs. The Bahamas officially rolled out its Sand Dollar central bank digital currency in October, while China has been piloting its digital yuan in select cities prior to a full-scale launch. In the United States, Fortune 500 company Accenture announced this week it would be partnering with the Digital Dollar Foundation to conduct CBDC trials.<\/p>\n