The National Bank in East European Georgia announced its plans to launch state-backed digital currency and is inviting the related entities to help in the ambitious plan. The main drivers behind the decision are its efficiency and will assist financial inclusion.
Georgia’s statement further added that the new CBDC would help boost the country’s economic activity and unlock values in business models. In addition to that, the officials have formed a strategy surrounding the guidelines provided by the Bank of International Settlements (BIS).
The government plans to offer some extraordinary features, including offline payments, retail convenience, and interoperability; given its ambitious plans, it’s clear that developing such infrastructure would take time. Hence, no new updates are expected anytime soon.
For now, the bank has welcomed tech companies, international financial institutions, and fintech companies to help support the effort. These companies are likely to help the state bank put in place a regulatory system and address other issues ahead of its launch.
For initial development stages, the Georgian central bank aims to test the digital currency in a controlled environment in a bid to ensure that it can manage risk and deliver an excellent user experience. Also, the central bank said that the CBDC is likely to become essential to the country’s financial system and help boast public innovation.