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Central Bank of Georgia to launch digital lari this year

The Central Bank of Georgia is going to issue a digital lari this year. The Central Bank of Georgia, together with partners, will formulate final proposals regarding the issuance of a digital lari by the summer of 2023.

The initiative of the Central Bank was announced by the vice-president of the institution Papuna Lezhava.

He specified that a pilot project will start in the first or second quarter of this year. Partners of the Central Bank of Georgia will be able to take part in it. Based on the results of the pilot project, a basis will be formed for further research and adoption of the digital lari in the country.

What does the pilot project for the adoption of the digital lari in Georgia include
According to the Central Bank, several options for testing the digital lari have already been selected. At the first stage of the project implementation, a limited version will be presented and tested. Its purpose is to assess the technical parameters of a new asset.

Based on the results of the testing, the Central Bank will make the final decision on whether to continue or terminate the project. By the end of the 2nd quarter of 2023, the Central Bank will publish the final document.

Further, together with the winning project partner, the project implementation plan will be discussed. Recall that back in 2022, the Central Bank of Georgia announced that it plans to launch a digital lari. However, the implementation dates have been postponed to the current year.

What will the digital lari be used for?
The Central Bank says that the digital lari should be a safe, cheap means of payment. It will be possible to use a new asset at any time, even if there is no access to the Internet.

The digital lari will support smart contracts, offline payments, interest payments, transaction limits, and the collection of statistical information. In addition, the regulator intends to create a regulatory framework for asset control.

At the moment, the Georgian government continues to develop the infrastructure of the digital economy. Earlier, Prime Minister of Georgia Irakli Garibashvili met with the head of the Binance cryptocurrency exchange Ch. Zhao.

During the meeting, issues of further development of the digital technology market in Georgia were discussed. Changpeng Zhao emphasized that Binance sees Georgia as a promising market and is ready to provide the necessary assistance to the government in implementing its initiatives in the crypto industry.

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