The American company Ripple has announced a collaboration with the Colombian government to develop central bank digital currencies (CBDC) and improve the high-value payment system. The Bank of the Republic of Colombia and the Ministry of Information and Communication Technologies (MinTIC) will have the opportunity to experiment with the Ripple CBDC platform.
This association seeks to educate public entities and evaluate the efficiency of blockchain technology in payment systems and data management. Through these tests, it is hoped to pave the way for transformative advances in the public sector and empower secure and transparent transactions.
Colombia and Ripple team up to develop central bank digital currencies.
The Colombian government has decided to make use of the Ripple CBDC platform with the aim of improving the high-value payment system in the country. This collaboration will allow the Bank of the Republic of Colombia and the Ministry of Information and Communication Technologies to carry out various tests and experiments with blockchain technology.
Ripple seeks to educate national and territorial public entities through this association, with the intention of demonstrating how the speed, scalability and transparency of blockchain technology can revolutionize payment systems and data management.
Evaluation of the efficiency of blockchains in interbank operations.
The Colombian Ministry of Information and Communication Technologies has confirmed the partnership with Ripple and has expressed interest in evaluating the efficiency of blockchain technology. Through this collaboration, it is expected to obtain results that demonstrate the benefits of blockchain technology in interbank operations.
Colombia’s central bank will use Ripple’s platform to test the high-value payment system, which includes transactions such as the purchase and sale of securities, interbank lending and check clearing. These payments are settled in real time, and blockchain technology is expected to improve their efficiency.
Ripple CBDC and the potential of blockchain technology in the public sector.
Ripple’s Vice President of Central Bank and CBDC Engagements, James Wallis, has highlighted that the partnership between Colombia and Ripple will pave the way for transformative advances in the use of blockchain technology in the public sector. By leveraging the Ripple CBDC platform, it seeks to drive innovation and efficiency in secure and transparent transactions. The Ripple CBDC platform was recently launched with the aim of allowing governments to take their financial services to the next level of digitization. This collaboration reinforces the relations between the Colombian government and Ripple, which had already established ties in the past with the tokenization of Colombian land titles.
The partnership between the Colombian government and Ripple for the development of central bank digital currencies and the improvement of the payment system demonstrates the growing interest on the part of governments in blockchain technology.
Through the Ripple CBDC platform, Colombia seeks to explore the advantages of speed, scalability, and transparency of this technology in the field of high-value payments. In addition, this association aims to educate public and territorial entities about the transformative possibilities of blockchain technology in the public sector.