Ripple Partners With Colombia’s Banco de la República to Enhance Payment System With Blockchain

Ripple announced collaborating with Colombia’s central bank – Banco de la República – to explore blockchain technology use cases.

The objective is to evaluate the potential efficiencies of a solution using the Ripple CBDC Platform to improve use cases on the high-value payment system. The pilot is being run with Spain-based blockchain technology firm Peersyst Technology.

Ripple, Peersyst Partner with Colombia’s Banco de la República

According to the official press release, Banco de la República will work with Columbia’s information and communications ministry, MinTIC, to pilot use cases that will improve the country’s payment system with the help of the Ripple CBDC Platform, built on XRP Ledger (XRPL).

MinTIC is tasked with leading the pilot, the development of which represents the third phase of blockchain experimentation. The goal is to educate national and territorial public entities via interactive and collaborative real-world application experiments demonstrating blockchain technology’s capabilities across payment systems and data management.

Speaking about the initiative, James Wallis, VP of Central Bank Engagements and CBDCs, said,

“By harnessing the power of the Ripple CBDC Platform based upon the XRPL, this project will pave the way for transformative advancements in the utilization of blockchain technology within the public sector. This partnership showcases our commitment to driving innovation and efficiency, ultimately empowering public entities to unlock the full potential of secure and transparent transactions.”

Meanwhile, Ripple has roped in Peersyst to run the pilot program.

Ripple CBDC Program

The development comes weeks after Ripple unveiled its XRPL-powered CBDC platform, which aims to assist central banks, governments, and financial institutions in issuing their own central bank digital currency.

As reported earlier, the new platform was being developed to address several use cases, spanning from wholesale and retail CBDCs on a private ledger to stablecoin issuance.

Initially, Ripple tapped the Republic of Palau to develop the country’s national digital currency on it. The blockchain firm has also worked with the monetary regulators of Hong Kong, Montenegro, and Bhutan.

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