As it expands globally, Ripple also said that it is developing a digital currency in collaboration with the National Bank of Georgia.
On November 2, Ripple declared that the virtual assets programme of the Dubai Financial Services Authority (DFSA) has accepted the XRP coin.
With this permission, virtual asset companies who have licences inside the Dubai International Financial Centre (DIFC) area—a special economic zone and financial centre located in the biggest metropolis of the United Arab Emirates—will be permitted to utilise XRP.
The Dubai Financial Services Authority grants XRP permission,The Dubai Financial Services Authority grants XRP permission
In November 2022, the DFSA had already authorised Litecoin (LTC), Ethereum (ETH), and Bitcoin (BTC). Today, XRP and Toncoin (TONNE) were authorised together.
Ripple earlier this year outlined its plans to grow in Dubai. It said today that 20% of its clientele are headquartered in the Middle East and North Africa (MENA) area and that it has selected the DIFC as its MENA headquarters.
Georgia and Ripple are collaborating on digital lari
In related news, Ripple said that it has been chosen as the official technology partner for the National Bank of Georgia’s digital lari pilot project.
According to the release, Ripple was selected as a partner out of nine applicants for consideration. Now, the programme will go to live testing and a pilot phase.
Instead than using the XRP token, the project uses a tokenized version of the Georgian lari (GEL). But for digital currencies used by central banks, the initiative will leverage Ripple’s CBDC Platform, which is driven by the XRP Ledger (XRPL).
According to reports, the pilot stage will test potential uses for the digital lari in the commercial, retail, and public sectors.
According to a news release from Ripple, the company has already declared experimental projects with the governments of Bhutan, Palau, Colombia, Montenegro, and Hong Kong. According to the company, it is presently doing business with more than 20 different nations.
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