Bitt Shortlisted for National Bank of Georgia’s CBDC Pilot
Bitt has signed an MOU with the National Bank of Georgia which has led the global company to be shortlisted as the technology partner for the National Bank of Georgia’s (NBG) central bank digital currency (CBDC) pilot program. Georgia, a country with a fast-growing economy and Gross Domestic Product of over $18.6B (2021), is advancing to test critical functional components of CBDC technologies.
According to the NBG, Bitt was shortlisted because the company “demonstrated sufficient technology potential, maturity, capacity, relevant experience, and desire to join our on-field exploration.”
Bitt’s track record of successful development and implementation of CBDCs in other countries includes the world’s largest democratic CBDC deployment and the first for a multinational monetary union. The company has also been awarded for its ability to provide secure and reliable offline solutions that meet the needs of central banks and financial institutions.
“We are thrilled to have been shortlisted as the technology partner for the NBG's CBDC pilot program,” said Brian Popelka, CEO of Bitt. “As a company that has been at the forefront of financial technology for several years, we are confident that we can help the NBG achieve its goals of modernizing the country's payment system and reducing the costs associated with cash circulation.”
The NBG is exploring the possibility of introducing a CBDC to modernize the country's financial ecosystem while reducing the costs associated with cash circulation. As part of its efforts, the NBG invited proposals from companies to act as technology partners for the CBDC pilot program.
If selected as a technology partner for the Pilot project, Bitt would work closely with the NBG to contribute to the development and implementation of a secure and reliable CBDC infrastructure that meets the needs of the country's central bank and citizens.
See more information from the Bank of Georgia’s website here.