The Central Bank of Colombia has partnered with Ripple (XRP) to explore blockchain use cases.
In these turbulent days of the crypto money market, the orientation of countries and institutions draws attention. While interest in the crypto side is waning, countries are increasing interest in the blockchain use case. Another country that stepped into blockchain technology was Colombia. The Central Bank of Colombia will partner with Ripple to explore the functionality, potential potential and use cases of blockchain.
Colombian Central Bank Enters Blockchain with Ripple
The Central Bank of Colombia has partnered with Ripple (XRP) to explore blockchain technology.
Colombia’s central bank, Banco de la República, together with the Ministry of Information and Communications Technology (MinTIC), will use Ripple’s CBDC platform. Although this use is in the pilot phase, it has great potential for the future. This initiative of the Central Bank of Colombia will be carried out as part of the blockchain experiment phase run by MinTIC.
In addition, Ripple announced that the CBDC platform will be trialled in an appropriate environment without jeopardizing public resources. As a result of the partnership, Colombia’s central bank will also focus on CBDC.
Mauricio Lizcano, Minister of Information Technologies and Communications of Colombia, said the following on the subject;
Potential efficiencies can be evaluated through the results achieved in the development of a solution with blockchain technology that manages to improve and complete processes in organizations safely and efficiently.
In another statement, James Wallis, Ripple Vice President of Central Bank Engagements and CBDCs, suggested that the CBDC platform run with XRPL will strengthen central banks. Saying that they will help progress, Wallis drew attention to the spread of blockchain in the public sector.
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