Colombia’s central bank, Banco de la República, has joined forces with Ripple to explore various use cases for blockchain technology, particularly in enhancing the country’s high-value payments system through Ripple’s central bank digital currency (CBDC) platform. The partnership involves collaboration with the Ministry for the Information and Communications Technologies (MinTIC) and blockchain technology firm Peersyst. This initiative marks the third phase of blockchain experimentation led by MinTIC and will continue until the end of 2023.
Facts
- Banco de la República collaborates with Ripple to test blockchain use cases.
- The partnership includes MinTIC and Peersyst to pilot new use cases for Colombia’s high-value payments system.
- The experimentation project is part of the third phase of blockchain experimentation led by MinTIC.
- MinTIC aims to educate public entities through real-world blockchain application experiments, showcasing the technology’s speed, scalability, and transparency.
- The central bank will experiment and test Ripple’s CBDC platform in a controlled environment, safeguarding public resources.
- James Wallis, VP of central bank engagements and CBDCs at Ripple, praises Colombia’s forward-thinking approach to blockchain innovation.
- In April, Montenegro’s central bank also partnered with Ripple to pilot their proposed CBDC.
