Ripple announced that it has expanded its international influence by collaborating with the National Bank of Georgia on digital currency.
On November 2nd, Ripple announced that the XRP token has been approved under the virtual assets regulation of the Dubai Financial Services Authority (DFSA).
With this approval, licensed virtual asset companies in the Dubai International Financial Centre (DIFC) region can now use XRP. The DIFC is a special economic zone and financial center in Dubai, the largest city in the United Arab Emirates.
Ripple CEO Brad Garlinghouse commented on the matter:
“We are pleased with the DFSA’s encouragement of the adoption and usage of digital assets like XRP. As Ripple, we look forward to strengthening our presence in Dubai and are eager to work closely with regulators to unlock the full potential of cryptocurrency.”
Earlier this year, Ripple had stated its intention to expand in Dubai. The company today identified its MENA (Middle East and North Africa) region headquarters as DIFC and stated that about 20% of its customers are in this region.
Ripple to Work on Digital Lari with Georgia
Ripple also announced that it has been selected as the official technology partner for the National Bank of Georgia’s digital lari pilot project.
According to the announcement, Ripple was chosen as a partner from among nine candidates and is now moving to the pilot phase and live testing.
The project uses a tokenized version of the Georgian lari (GEL) instead of the XRP token. However, the project will utilize Ripple’s CBDC Platform, which is designed for central bank digital currencies and supported by the XRP Ledger (XRPL).
The pilot phase plans to test potential applications of the digital lari in the public sector, business, and for general retail users.
Ripple had previously announced that it conducted pilot programs with the governments of Bhutan, Palau, Colombia, Montenegro, and Hong Kong. The company reports that it is currently collaborating with more than 20 countries.