• Ripple announced a collaboration with Colombia’s Banco de la República to explore blockchain technology use cases and the potential efficiencies of a solution using the Ripple CBDC Platform.
• The project will run through the end of 2023 and is being run with Spain-based blockchain technology firm Peersyst Technology.
• The goal is to educate national and territorial public entities on the capabilities of blockchain technology across payment systems and data management.
Ripple Partners With Colombia’s Banco de la República
Ripple recently announced a collaboration with Colombia’s central bank – Banco de la República – to explore blockchain technology use cases that have the potential to improve use cases on high-value payment systems. The initiative will be run in conjunction with Spain-based blockchain technology firm Peersyst Technology, and will last until the end of 2023.
Objective of the Project
The main objective of this project is to evaluate potential efficiencies that can be achieved by deploying a solution using Ripple’s Central Bank Digital Currency (CBDC) Platform, which is built on XRP Ledger (XRPL). MinTIC – Columbia’s information and communications ministry – has been tasked with leading this pilot as part of an ongoing effort to demonstrate blockchain technology’s capabilities across payment systems and data management.
Benefits for Colombia
By leveraging Ripple’s CBDC Platform, Columbia stands to benefit significantly from improved efficiency in their payments system, along with access to new kinds of financial services that are enabled by distributed ledger technologies like XRP Ledger. This could potentially create significant economic opportunities for citizens, businesses, and governments alike.
James Wallis, VP of Central Bank Engagements & CBDCs at Ripple commented: “By harnessing the power of the Ripple CBDC Platform based upon the XRPL, this project will pave the way for transformational changes not only in how cross-border payments are conducted but also how banks interact with each other throughout Latin America.“
Ultimately, this partnership between Ripple, Peersyst Technology & Banco de la República could open up new possibilities for money transfer within Latin America while simultaneously creating opportunities for its citizens by revolutionizing how they work within their payments system.