Ripple Partners With Colombia Central Bank to Strengthen the Payment System of the Country

In the latest development, Ripple has taken a tremendous step in its expansion project, following its new collaboration with Colombia’s Banco de la República, the country’s central bank, and Peersyst Technology to experiment the possibility of blockchain technology in enhancing Colombia’s high-value payment system.

The latest partnership between Ripple and Peersyst Technology got publicized by the two platforms via their respective Twitter handles and blog sites. Notably, the collaboration would be in sync with the Ministry of Information and Communications Technologies (MinTIC).

Read Also: Experts: SEC Lawsuits against Binance and Coinbase Suggest Ripple Case is Over

Ripple’s CBDC Will Play A Significant Role In The New Partnership

Ripple’s Central Bank Digital Currency (CBDC) platform got implied to be a crucial aspect that would ensure the success of the collaboration between Ripple and Colombia’s Banco de la República. Remarkably, Ripple’s CBDC platform is powered by the XRP Ledger (XRPL), aiding its adoption in a pilot program to test various use cases.

The Directorate of Digital Government at MinTIC will implement and oversee the project expected to run till the end of 2023. The pilot program’s main objective is to enlighten the populace on the potential benefits of adopting blockchain technology for their high-value payment system. The pilot specifically highlighted speed, scalability, and transparency as significant benefits of adopting blockchain technology.

Also, Ripple’s CBDC platform boasts of an end-to-end solution developed particularly for central banks and other financial establishments. This end-to-end solution hopes to revolutionize payment procedures and data management while ensuring that public resources are free of compromise.

Read Also: Wall Street Veteran: Ripple IPO Could Surpass 20x Valuation, Propelling Price to $600 per Share

Speaking on the importance of adopting blockchain technology in payment systems, Mauricio Lizcano, ICT Minister, noted that these blockchain technology payment procedures would evaluate potential efficiencies to improve processes within entities. In addition, he noted that blockchain adoption would guarantee users’ technological model that allows for simulations of different use cases in the high-value payment system.

Ripple’s Executive Showers Praise On Colombia’s Apex Bank

James Wallis, VP of Central Bank Engagements and CBDCs at Ripple, has applauded the initiative incorporated in the partnership with Banco de la República and MinTIC. The VP noted that the coalition would further enhance blockchain transactions within the public sector. Wallis made this assertion while spotlighting the Ripple CBDC outlet’s ability to promote secure and transparent trading deals, highlighting Ripple’s dedication to innovation and proficiency.

---

Follow us on Twitter, Facebook, Telegram, and Google News