Georgia first
Georgia first. Then London, then the EU.
Small jurisdiction, live sandbox, a central bank prepared to be in the room.
The four phases
Phase 1 · Q1 2027
Intra-issuer
One bank issuer; tokens within the bank; consistency proof and the regulator's node live. Exit: sixty days with zero unproven minutes and zero breaks.
Phase 2 · Q2 2027
Second issuer, identity attestations
A payment-institution issuer; identity attestations relied on between issuers; a participant onboards customers on them. Exit: first cross-issuer onboarding; revocation within the pack's SLA.
Phase 3 · Q3 2027
Settlement leg
The central bank provides the settlement asset; inter-issuer settlement in central bank money; circuit-breaker and bank-failure rehearsal. Exit: first atomic settlement; rehearsal signed off.
Phase 4 · Q4 2027
Live use case
A participant runs a production flow in lari under agreed volume ceilings. Exit: volume target reached; the evidence package for jurisdiction two.
Why here
Where the central bank sits at the table.
The National Bank of Georgia licenses the banks, registers the payment institutions and runs the sandbox. Every rule the network enforces in Georgia is in one signed file the central bank approves. The first bank issuer is under letter of intent.
- Why London next — tokenized deposits are already treated as deposits; a digital-securities sandbox is live.
- Why the EU third — payment-institution tokens map to the e-money-token category under MiCA.
- What a second jurisdiction costs — a rulebook file, a settlement account, a Member Council and a local operating team; nothing above the ledger changes.
Join the Georgia program.
One bank, one payment institution and one participant complete the launch group. Two of the three seats are open.