Ripple partners with Colombia’s Banco de la República and Peersyst to pilot blockchain use cases, enhancing the country’s payment system.
Blockchain technology firm Ripple has announced a strategic partnership with Colombia’s Banco de la República, the country’s central bank, and Peersyst Technology to explore the potential of blockchain in enhancing Colombia’s high-value payment system.
Ripple and Peersyst Technology shared the development on Twitter and via their respective press blogs today, noting that collaboration will be in conjunction with the Ministry of Information and Communications Technologies (MinTIC).
Learn more about the partnership: https://t.co/X9jyJ3pvDa
— Ripple (@Ripple) June 15, 2023
Ripple’s CBDC Solution to Be Used
As part of the partnership, Ripple’s Central Bank Digital Currency (CBDC) platform, powered by the XRP Ledger (XRPL), will be utilized in a pilot program to test various use cases. The aim is to improve the efficiency and transparency of Colombia’s payment system.
The project is scheduled to run until the end of 2023 and will be executed under the guidance of the Directorate of Digital Government at MinTIC.
The primary objective of the pilot program is to educate national and territorial public entities on the potential benefits of blockchain technology, such as its speed, scalability, and transparency.
By leveraging Ripple’s CBDC Platform, an end-to-end solution designed specifically for central banks and financial institutions, the project aims to revolutionize payment systems and data management without compromising public resources.
Recall that last month, The Crypto Basic disclosed that Ripple rolled out its CBDC platform for governments and financial institutions.
Minister Mauricio Lizcano, ICT Minister, emphasized the importance of the project, stating that the results obtained through implementing a blockchain solution will evaluate potential efficiencies and enhance processes within entities.
Furthermore, Lizcano added that the project would provide a technological prototype that enables simulations of different use cases in the high-value payment system.
Ripple Executive Lauds Colombia’s Apex Bank
James Wallis, VP of Central Bank Engagements and CBDCs at Ripple, praised the forward-thinking approach of Banco de la República and MinTIC. He asserted that the partnership would unlock transformative advancements in blockchain technology within the public sector.
Wallis highlighted the Ripple CBDC Platform’s ability to facilitate secure and transparent transactions, demonstrating Ripple’s commitment to innovation and efficiency.
It is worth mentioning that Ripple has recently been rated the number-one CBDC solution provider among 15 other vendors, as reported by The Crypto Basic. Ripple has also partnered with Montenegro to help develop the country’s national digital currency.