Colombia’s Central Bank Partners with Ripple to Explore CBDC

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Banco de la Republica and Ripple Labs have partnered to research blockchain technology in Central Bank Digital Currency (CBDC). MinTIC and Peersyst Technology are investigating how the Ripple CBDC Platform might enhance high-value payment use cases.

Banco de la Republica, Colombia’s central bank, and Ripple Labs, a blockchain payments company, have inked a strategic partnership agreement to explore the use of blockchain technology in the field of Central Bank Digital Currency (CBDC).

There is now a partnership between the government’s MinTIC and the blockchain technology firm Peersyst Technology.

Exploring Ripple CBDC Platform

In a tweet, Peersyst said that the two businesses are working together to investigate how the newly launched Ripple CBDC Platform, which is based on the XRPLedger’s (XRPL) core technology, may be utilized to improve use cases in the high-value payment system. Thus, during MinTIC’s third round of blockchain study, this pilot application would be developed.

Prototype Underway

Moreover, the third phase is educating national and territorial governments. On the potential of blockchain technology to revolutionize financial transactions and data management. To spread the word, they will conduct trials of real-world applications that include a large number of people. Furthermore, Ripple’s testing of the CBDC Platform will not put any public facilities at risk.

Mauricio Lizcano, ICT minister stated:

The “potential efficiencies can be evaluated through the results obtained in the development of a solution with blockchain technology, which manages to improve and complement the processes in the entities in a safe and efficient way.

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Additionally, a technological solution (Prototype) will be provided to allow simulations of different high-value payment system use cases. James Wallis, vice president of central bank engagements and CBDCs, has said that the Colombian Central Bank and MinTIC are at the forefront of digital innovation.

Pooja Bhargav