• Ripple and the Colombian Central Bank have partnered to explore the potential applications of blockchain technology in the realm of Central Bank Digital Currency (CBDC).
• Peersyst Technology, a specialist blockchain technology startup, and the Ministry of Information and Communications Technologies (MinTIC) have also joined forces.
• Ripple’s CBDC Platform testing won’t endanger public infrastructure.
Ripple Partners With Columbian Central Bank
The Colombian Central Bank, Banco de la República, and blockchain payments startup Ripple Labs Inc have signed a strategic cooperation agreement to research the potential applications of blockchain technology in the realm of Central Bank Digital Currency (CBDC).
Partnership To Examine XRPLedger’s Core Technology
Peersyst Technology, a specialist blockchain technology startup, and the Ministry of Information and Communications Technologies (MinTIC) have formed a collaboration to examine how the recently released Ripple CBDC Platform, which is built on XRPLedger’s core technology, may be used to enhance use cases in high-value payment systems. This pilot program would be created during MinTIC’s third round of blockchain research.
Raising Awareness among National Governments
The third stage is all about raising awareness among national and territorial governments about how blockchain technology might transform payment systems and data management. Real-world application trials that encourage participation from many participants will be used to raise awareness. Moreover, Ripple’s CBDC Platform testing won’t endanger public infrastructure.
ICT Minister Supporting Digital Innovation
ICT Minister Mauricio Lizcano stated: The “potential efficiencies can be evaluated through the results obtained in the development of a solution with blockchain technology. James Wallis, vice president of central bank engagements and CBDCs said that The Colombian Central Bank and MinTIC are pioneering a new era of digital innovation with their forward-thinking approach.
Conclusion
This partnership between Ripple Labs Inc., Banco de la República, Peersyst Technology & MinTIC could prove very beneficial for Colombia as it will help them explore various use cases in high-value payment systems without endangering public infrastructure or any other resources. Moreover, it will provide an efficient way for them to manage processes safely & efficiently while also paving way for future digital innovations in Colombia.