Georgia is preparing to launch a digital lorry pilot in the first half of 2023
National Bank of Georgia (NBG) is in the process of releasing a “digital lorry” white paper that will allow potential partners to fix proposals for the testing phase of projects. A pilot version of the definitive central bank digital currency was initially expected in 2022 but was postponed by the National Bank of Georgia last year. Deputy Governor Papuna Lezhava discusses this in an interview with Rustavi 2 and explains that in the first half of 2022 we will publish a document and immediately after that together with the winning partner we will discuss how to implement the project. How long will it take for or to implement?
Officials further anticipate that testing of a digital avatar or version of the Georgian lari has already been approved elsewhere in alternative ways and is yet to decide whether to continue with the project’s realization.
Certainly in the first phase it will be a limited pilot edition and on the basis of this the technical features of the digital lorry can be evaluated. The mandate of the National Bank of Georgia is to ensure or certify financial and price stability. Georgia’s monetary policy regulator said in a statement that the development of digital technology requires and is strongly needed for the development of a central bank currency, as well as the full creation of a digital version of the lari. The bank elaborated that the need for a central bank digital currency has also been published for the same reason, in order to better serve the needs of the digital economy, as well as effectively enhance economic policy. It was on this that he emphasised that the state-backed coin would have legal status in Georgia.
The National Bank of Georgia elaborates that the digital lari will be refined as a cheaper and safer and faster way and means of payment than the existing fiat lari in its cash and non-cash form. It will be more secure and of course careful of intermediaries and supported with commercial banks or payment systems and its payment systems and services will not need to operate with digital lari. It was also told that the new platform will be able to provide its services through offline medium as well and will be able to work in detail by being present with all its qualities through offline medium also.
