Georgia names time frame for digital currency project launch

Georgia Materials 30 March 2022 11:12 (UTC +04:00)
Maryana Ahmadova
Maryana Ahmadova
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BAKU, Azerbaijan, March 30. Georgia’s digital currency project by the National Bank of Georgia (NBG) will be launched in 2023, Trend reports via Georgian media.

According to the NBG, the digital currency will have a status of a means of payment. At the initial stage, the use of “digital lari” will be available only in the retail market within Georgia.

The NBG has already met with dozens of different technology companies regarding the “digital lari” project and discussed possible technical systems.

A pilot version of the “digital lari” project will be released next year, the results of which will be studied in detail, and the NBG will decide whether it is worthwhile to finally introduce it on a large scale,” Papuna Lezhava, the Vice President of the NBG, said.

Meanwhile, the NBG’s digital currency project might replace regular financial operations, and, thereby, simplify the process, Davit Kikvidze, the Head of the Fintech Association, said.

“Digital currency project should replace the classic model of the financial system. These operations increase various costs, cyber security risk and make customers dependent on financial institutions,” Kikvidze said.

“This project will be a lever for the National Bank in terms of monetary policy implementation and it will no longer need banks to have some impact on aggregate demand for money,” he added.


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