Georgia Sets Timeline for Digital Lari Launch

The pilot programme to introduce the digital lari in Georgia is slated for 2022. This was stated by Papuna Lezhava, vice-president of the National Bank, пишет Интерфакс.

According to Lezhava, Georgia plans to follow the global trend of central banks developing digital currencies.

“A digital currency is not a cryptocurrency, but the evolution of cash. It will most likely also be based on blockchain, and will be a fast and cheap means of payment,” he noted.

Mining of the digital lari will be impossible — its sole issuer will be the National Bank.

Papuna Lezhava added that the digital lari could compete with cryptocurrencies in some services, but would not be a vehicle for speculative accumulation. In the initial phase it is planned to be introduced for retail sales.

“The digital lari will become a faster and cheaper means of payment than traditional means. It will operate 24 hours a day. For all transactions internet connectivity will not be required. But the main advantage is that it will be technologically open to other types of technologies and maximally interoperable,” added the vice-president of the central bank.

As reported in May 2021, the National Bank of Georgia first announced plans to issue the digital lari.

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