A working meeting between MPs and representatives of the National Bank of Georgia (NBG) organized by the parliamentary Finance-Budgetary Committee discussed piloting digital national currency Lari from 2022.
NBG Vice-President Papuna Lezhava said NBG plans different reforms. According to Lezhava, the highest risk accompanying the process is related to banks that may curb liquidity in digital GEL. Although it is a known risk that digital currency may have. Nevertheless, the National Bank can indemnify the issue. That is possible by setting a certain limit for digital GEL in the wallet.
NBG representative further elaborated that up to 100 fintech companies are actively involved in the digital GEL introduction process. Digital GEL will not be widely used during the pilot phase. It will only be available for a limited segment or used for pre-defined specific transactions.