Blockchain company Ripple has partnered strategically with Colombia’s Banco de la República and Peersyst Technology to investigate how blockchain technology can enhance the country’s high-value payment system. The collaboration will involve cooperation with the Ministry of Information and Communications Technologies (MinTIC). The announcement was made on Twitter and through press blogs by Ripple and Peersyst Technology.
XRP Partners with Colombia’s Banco de la República for Blockchain Pilot
As part of their collaboration, Ripple will utilize its Central Bank Digital Currency (CBDC) platform, which operates on the XRP Ledger (XRPL), in a pilot program to test various use cases to enhance Colombia’s payment system. The project, guided by the Directorate of Digital Government at MinTIC, is set to run until the end of 2023.
The primary focus of the pilot program is to educate national and territorial public entities about the potential benefits of blockchain technology, including its speed, scalability, and transparency. By leveraging Ripple’s CBDC Platform, specifically designed for central banks and financial institutions, the project aims to transform payment systems and data management while safeguarding public resources.
Previously, it was reported that Ripple had launched its CBDC platform for governments and financial institutions. Minister Mauricio Lizcano, ICT Minister, highlighted the project’s significance, stating that implementing a blockchain solution would assess potential efficiencies and improve processes within entities. The project will also deliver a technological prototype for simulating different use cases within the high-value payment system.
Ripple VP Applauds Banco de la República and MinTIC for Driving Blockchain Innovations
James Wallis, Ripple’s VP of Central Bank Engagements and CBDCs, commends the forward-thinking approach of Banco de la República and MinTIC, emphasizing the potential for transformative advancements in blockchain technology within the public sector.
Wallis emphasizes the Ripple CBDC Platform’s capacity to enable secure and transparent transactions, showcasing Ripple’s dedication to innovation and operational efficiency.
Additionally, it is noteworthy that XRP has recently ranked as the number-one CBDC solution provider among 15 other vendors, as previously reported. Furthermore, Ripple has partnered with Montenegro to assist in developing the country’s national digital currency.
Ripple (XRP) traded at $0.4764 per coin at press time.