Banco de la República, Colombia’s Central Bank, has chosen to partner with Ripple, the blockchain and crypto solutions provider.
In brief:
-Working in tandem with Ripple and The Ministry for the Information and Communications Technologies (MinTIC), the Colombian central bank will be enhancing Colombia’s high-value payment system using Ripple’s CBDC Platform, powered by the XRP Ledger (XRPL).
-The XRPL is an energy-efficient and open-source blockchain. This will be the third phase of blockchain experimentation led by MinTIC.
-Ripple will experiment and test its CBDC platform in a controlled environment, ensuring the integrity of public resources.
What does this mean?
Highlighting the significance of this project, Minister Mauricio Lizcano, ICT Minister, emphasised: “Potential efficiencies can be evaluated through the results obtained in the development of a solution with blockchain technology. In turn, this manages to improve and complement the processes in the entities in a safe and efficient way. In addition, it will provide a technological solution (Prototype). This solution will allow simulations of different use cases in the high-value payment system.”
