The National Bank of Georgia received a "CBDC Initiative" award from Central Banking, the top international publication. It is another Central Banking award for the NBG.

The National Bank of Georgia is committed to promoting the development of the financial market and creating basic infrastructure for fintech activities. Its focus is to find an optimal balance between innovation and risk.

NBG has been dynamically working on CBDC since 2020. A number of studies have been conducted on the concept of central bank digital currency and decentralized finance. Having studied international experience, the NBG decided to initiate a digital currency pilot project.

The National Bank of Georgia has taken a number of successful steps to promote new technologies and develop the fintech ecosystem: digital lari, Open Banking, instant payments, digital bank and others. The National Bank of Georgia uses an open regulatory framework that allows fintech innovators to be involved in the development of the supervisory framework.

 

A central bank's digital currency is more than just another means of payment. Creating a platform with smart contract and programmable token capabilities will encourage banks and fintech companies to introduce innovations in the financial sector. Digital GEL is expected to be a new, comfortable, modern technology-adapted means of payment.

"The CBDC platform will complement the present payment channels (including the instant payments system in the near future) and provide a safe environment for private sector innovations to meet the public needs. Also, the National Bank of Georgia will support larger trends and innovations by introducing a new digital form of money with functions and tools that will enhance its functionality and value for retail clients and the private sector," said Papuna Lezhava, Vice Governor of the National Bank of Georgia.

The award was given to the National Bank of Georgia as part of the Central Banking’s annual summer meetings. The National Bank of Georgia has received other awards from the Central Banking publication in the past.

Central Banking Publications was founded in London in 1990 by its first editor, Robert Pringle, who previously was an editor of The Banker. Central Banking is a financial media portal and publishing house. It has a very large audience, which mainly includes the world's central banks and the financial sector regulators, international financial institutions and other members of the financial sector.

 

Central Banking Awards 2023