In the upcoming months, the National Bank of Georgia (NBG) plans to release a document outlining the idea of ‘digital lari,’ crypto media outlet Bitcoin.com reported on January 17.

Although the NBG delayed the testing for this year, a pilot version of the central bank digital currency (CBDC) was previously anticipated in 2022. The bank explained that a CBDC is required to improve how well the economic policy works and better fulfill the digital economy's demands. Furthermore, it highlighted that the currency would be recognized as legal money in Georgia. Insights claim that the digital lari will become a cheaper, more secure, and faster means of payment than the current fiat lari and will be able to function offline.

Tanzania is another country to kick off with a more cautious and risk-based approach toward adopting its central bank digital currency (CBDC) due to the recent cryptocurrency market collapse. The Tanzanian central bank disclosed that during the study phase, it considered the "degree of anonymity or traceability" of the models for crypto issuance.

Source: BITCOIN.COM