The National Bank of Georgia (NBG) says it is continuing work on the development of a Central Bank Digital Currency (CBDC), commonly referred to as the “digital lari.” The clarification came after BMG inquired about the project following the recent presentation of GELT, a lari-pegged stablecoin developed by global crypto company Tether.
In its response, the NBG confirmed that CBDC development remains an ongoing priority. The central bank said CBDCs improve interoperability and efficiency of payment systems and are being explored by many advanced economies. It also emphasized that a CBDC can coexist with privately issued stablecoins under an appropriate regulatory framework.
The NBG noted that stable digital assets such as stablecoins do not replace legal tender and will not be granted official payment status in Georgia, as only the national currency - the lari - serves that role. However, the bank stressed that both systems can complement each other by supporting innovation, transparency, and modernization of the financial sector.
Georgia’s regulatory framework already allows the issuance of stablecoins under strict conditions, including a requirement for 100% reserve backing. The digital lari project itself remains under development, with no official launch timeline announced. CBDCs are being explored globally, including by the European Central Bank, which is currently in the preparatory phase.
