By 2022, the National Bank of Georgia plans to begin a trial programme for the Digital Lari, the Central Bank Digital Currency (CBDC).
The digital currency rollout will be part of the trial program, and it will be used in retail power transactions across the country.
The digital Lari will be fully under the jurisdiction of the Central Bank, according to Papuna Lezhava, vice-president of the Central Bank.
CBDCs, like Bitcoin (BTC) and other Proof-of-Work (PoW) currencies, cannot be obtained by minting.
Last year, the Central Bank of the Bahamas (CBoB) made history by being the first country to issue a functioning CBDC.
According to the International Monetary Fund (IMF), as many as 110 nations are now in some stage of CBDC development, including the Bahamas. China is allegedly ahead as it has entered the advanced stages of its CBDC studies.
Georgia, according to Papuna, wants to be at the forefront of CBDC innovation. The Digital Lari will most likely be constructed on the blockchain, but it will not function like privately produced digital currencies.