Tbilisi (GBC) - The digital lari may not be introduced in Georgia, it was announced at a financial summit held as part of the Tbilisi Silk Road Forum, jointly organized by the National Bank, the Ministry of Economy and the Singapore Global Financial and Technology Network (GFTN).

Varlam Ebanoidze, Head of the Financial and Supervisory Technology Development Department at the Securities and Exchange Commission, told journalists on Thursday that testing of the digital lari in a limited environment has been completed.

He noted that now the general sentiment towards digital currencies around the world is relatively subdued, and experience in terms of experiments with digital tokenized money issued by the private sector is limited.

The so-called target sandbox for tokenized deposits has been announced in the regulatory laboratory. According to him, the purpose of introducing the digital lari was to test technologies such as smart contracts.

"The final decision on the introduction of the digital lari has never been made. The country's legislation currently recognizes only one tax instrument," Ebanoidze said.

Earlier, in February 2024, Natia Turnava, who was the acting president of the NBG at the time, was preparing to say that "CBDC has the potential to bring significant benefits to innovative business models, which will also have a significant impact on the well-being of society. Increase the efficiency of financial intermediation and accelerate the introduction of new financial technologies."

Digital currency is an electronic substitute for cash that is stored, managed and exchanged in a digital (computer) system. Payments with digital currency are only possible electronically.