Ripple has announced a collaboration with Banco de la República, Colombia’s central bank, to explore the potential applications of blockchain technology in the country and enhance its payment system.
According to Ripple’s press release, the Colombian Apex Bank will work with the country’s Ministry of Information and Communications Technologies (MinTIC) to conduct a pilot project with Ripple’s CBDC Platform. The pilot project will be developed under the guidance of the Directorate of Digital Government and is scheduled to run until the end of 2023.
The pilot project is part of the third phase of MinTIC’s blockchain experimentation project, which aims to test how the country can leverage blockchain technology’s speed, scalability, and transparency to revolutionize its payment systems and data management processes. The Ministry plans to experiment with Ripple’s CBDC Platform in a controlled environment and ensure that public resources are not compromised.
Minister Mauricio Lizcano, Columbia’s ICT Minister, stated:
“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.”
James Wallis, VP of Central Bank Engagements and CBDCs at Banco de la República, emphasized that the Colombian Apex Bank and MinTIC’s progressive approach toward blockchain innovation will revolutionize the country’s organizational operations in the digital era.
Wallis further stated that the project sets the stage for transformative advancements in the field, and the Ripple CBDC Platform will be instrumental in unlocking groundbreaking possibilities for blockchain technology within the public sector.
Wallis stated:
“This partnership showcases our commitment to driving innovation and efficiency, ultimately empowering public entities to unlock the full potential of secure and transparent transactions.”
Peeersyst Technology, a blockchain development company, also partnered with Ripple and the Colombian authorities on this project. The company’s CEO, Ferran Prat, highlighted Peeersyst’s selection as a reference technology firm for implementing blockchain technology in Latin America requires that they abide by high standards and specific requirements for the technologies they choose to use in their blockchain projects.
In a similar development, the Central Bank of Montenegro (CBCG) revealed in April 2023 its collaboration with Ripple to develop and implement a pilot program for a digital currency in Montenegro. The Central Bank noted that its goal is to digitize financial services and promote financial inclusivity for the people of Montenegro.
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