The National Bank of Georgia has clarified that recently approved legislative amendments establish a legal basis for digital lari pilot projects, but that it does not plan a full rollout in the coming years. The amendments, approved by Georgia’s Parliament, also provide a legal basis for issuing the digital lari. The explanatory note accompanying amendments to the Organic Law on the National Bank of Georgia expressly records the absence of plans for a full rollout in that timeframe, while the law preserves the issuance of lari in cash. The pilot project will explore and test technological capabilities and assess the practical benefits a digital currency could offer citizens and businesses. The central bank supports developing a central bank digital currency alongside private digital currencies, following the European Union’s approach. It also regulates activities involving privately issued digital currencies within its remit, including through a framework for stablecoin issuance and backing intended to protect users and support the safe development of financial innovation.
National Bank of Georgia clarifies legal basis for digital lari pilots with no full rollout planned in coming years
The National Bank of Georgia has explained that legislative amendments approved by Parliament enable digital lari pilots, while no full rollout is planned in the coming years and cash issuance remains protected by law. The pilots will test technological capabilities and potential benefits for citizens and businesses, alongside the central bank’s regulation of privately issued digital currencies.