FARI Solutions at the National Bank of Georgia’s CBDC and DeFi Conference

FARI Solutions and our strategic partner QANplatform were represented by Chief Operating Officer Shafiq Amiri at the CBDC and DeFi Conference hosted by the National Bank of Georgia (NBG) on 4-5 May, 2022. NBG Governor Koba Gvenetadze and Vice Prime Minister, Minister of Economy and Sustainable Development Levan Davitashvili delivered key note speeches along with members of the World Bank and USAID. 

COO FARI Solutions & Strategic Advisor QANplatform, Shafiq Amiri speaking virtually at CBDC & DeFi Conference, Tbilisi, Georgia | 4th-5th May 2022 (photo by www.nbg.gov.ge)

Shafiq Amiri dissected the role of various stakeholders of a future CBDC ecosystem and explained how implementing this platform could impact them. The Conference further explored policy and technical aspects of a potential digital currency backed by the central bank. Blockchain and global financial players also provided an overview of steps taken and the experience of other CBDC projects around the world.

COO FARI Solutions & Strategic Advisor QANplatform, Shafiq Amiri speaking virtually at CBDC & DeFi Conference, Tbilisi, Georgia | 4th-5th May 2022 (photo by www.nbg.gov.ge)

FARI’s focal point at the conference was the implication of a potential CBDC on the four core impact groups identified by FARI Solutions which includes financial institutions. Emphasis was made on the future of financial institutions, payment service providers and FinTechs, identifying how they can diversify their service offering to maintain their position in the novel DeFi market.

Any CBDC has to be secure, have high throughput and preserve participant privacy especially during a time of a growing quantum threat. So, the underlying infrastructure of Georgia’s CBDC, or any other central bank, has to have sufficient security measures to protect against quantum computers. As one of the objectives of the NBG is to promote innovation in the fintech sector, the infrastructure should also have a lower barrier to access for developers to create novel applications of the CBDC platform. QANplatform’s quantum-resistant private blockchain is therefore considered the ideal platform for a CBDC which operates in a highly regulated environment.

NBG Governor Koba Gvenetadze at CBDC & DeFi Conference, Tbilisi, Georgia | 4th-5th May 2022 (photo by www.nbg.gov.ge) 

Governor Gvenetadze also announced the initiation of Georgia’s CBDC pilot at the Conference.

Comment from Shafiq Amiri:

“This event was a great medium to share our knowledge and served as an unintended platform to facilitate stakeholder engagement which is an integral phase of CBDC experimentation”.

CBDC & DeFi Conference, Tbilisi, Georgia | 4th-5th May 2022 (photo by www.nbg.gov.ge)