Ripple, a leading enterprise in blockchain and crypto solutions, has announced a partnership with Colombia’s Central Bank, Banco de la República, to explore and implement use cases for blockchain technology. This collaboration is part of the third phase of blockchain experimentation led by The Ministry of Information and Communications Technologies (MinTIC).
The pilot program will focus on enhancing Colombia’s high-value payment system using the Ripple CBDC Platform, which is powered by the XRP Ledger—an energy-efficient and open-source blockchain. The project is set to run until the end of 2023 under the supervision of the Directorate of Digital Government, MinTIC.
The third phase of MinTIC’s blockchain experimentation aims to educate national and territorial public entities on the potential of blockchain technology through real-world application experiments. The focus is on the technology’s speed, scalability, and transparency and how these can revolutionize payment systems and data management.
The Ripple CBDC Platform—an end-to-end solution for central banks—will be tested in a controlled environment without compromising public resources. The platform’s key capabilities will be experimented with to understand their potential in improving and complementing processes within entities safely and efficiently.
James Wallis, VP of Central Bank Engagements and CBDCs at Ripple, emphasized the transformative potential of this project. He stated that the forward-thinking approach of Banco de la República and MinTIC on blockchain innovation will unlock new ways for organizations to operate in the digital era.
The partnership also includes Peersyst Technology, a reference technology firm for implementing blockchain technology in Latin America. Ferran Prat, CEO of Peersyst Technology, highlighted Ripple as a benchmark leader in the industry and a valuable ally in applying the potential of its large-value payment system’s technology at Banco de la República.