Reading Time: 2 minutes
- Colombia’s central bank has partnered with Ripple to explore the blockchain world
- The partnership will see the country’s Ministry of Information use the chance to popularize the benefits of blockchain technology
- The partnership will also see the bank experiment with Ripple’s CBDC platform
Colombia’s central bank Banco de la República has partnered with leading blockchain platform Ripple to explore the decentralized world. The partnership will see the country’s Ministry of Information use the opportunity to popularize the benefits of blockchain technology. The partnership will also allow the bank to explore Ripple’s CBDC platform.
Blockchain Technology Enhances High-value Payment Systems
According to Ripple, part of the blockchain exploration missions will include piloting use cases meant to revolutionize the country’s “high-value payment systems” and data management.
Ripple and @Peersyst are partnering with Colombia’s @BancoRepublica in conjunction with @Ministerio_TIC to pilot use cases that will enhance Colombia’s high-value payment system.??
Learn more about the partnership: https://t.co/X9jyJ3pvDa
— Ripple (@Ripple) June 15, 2023
In an announcement, Ripple disclosed that the partnership will run through the rest of the year under the supervision of The Ministry of Information and Communications Technologies (MinTic). Ripple added that trial projects using its CBDC Platform will conduct their activities in a “controlled environment without compromising public resources.”
Colombia’s ICT minister Mauricio Lizcano commented on the development saying the trials from the partnership will provide a prototype that will form a basis for other technological solutions.
Ripple Didn’t Give Up On Colombia
The partnership comes less than a year after the Colombian government killed a deal between Ripple and the country’s land registry department. The deal, which was canceled roughly two months after being signed, involved Ripple digitizing the land registry details and putting them on the blockchain.
The recent move adds to Ripple’s list of partnerships that include one with Ethereal Labs to increase NFT adoption. However, its move to form partnerships comes amid an ongoing legal battle between the U.S. securities watchdog and Ripple.
Although the partnership touches on CBDCs, it’s yet to be seen whether its outcome will influence other countries to hop on the CBDC train.
