Bank of Colombia and MinTIC
Ripple announced on the 15th that it will partner with the Colombian Central Bank (Banco de la República) and the Ministry of Information and Communication Technology (MinTIC) to conduct a demonstration test of blockchain technology in a high-value payment system. bottom.
The Central Bank of Colombia utilizes Ripple’s platform “Ripple CBDC Platform” to support the development of central bank digital currencies (CBDC) and stablecoins. Through 2023, we plan to simulate various scenarios for high-value remittance systems. Colombian ICT Minister Mauricio Lizcano said:
The main purpose of MinTIC’s blockchain experiment (Phase 3) is to demonstrate in concrete terms how the speed, scalability and transparency benefits of blockchain technology can contribute to innovation in payment systems and data management. It is to educate the national and local governments through a variety of applied tests.
Ripple has indicated its willingness to further expand its adoption of blockchain technology in the public sector. “The introduction of the Ripple CBDC Platform will enable us to accelerate the use of blockchain technology in the public sector and pave the way for innovation,” said James Wallis, VP of Central Bank Engagement and CBDC at the firm. He continued by saying:
This partnership demonstrates our commitment to innovation and efficiency gains, ultimately enabling public institutions to take full advantage of secure and transparent transactions.
Colombian blockchain technology company Peersyst Technology has partnered directly with MinTIC. The company’s CEO, Ferran Prat, said:
Partnering with MinTIC, the leader in implementing blockchain technology in Latin America, requires strict criteria. When it comes to payment and central bank technology, Ripple is an industry leader and one of the best partners in exploring the technological potential of the Central Bank of Colombia’s high-value remittance system.
What is the Ripple CBDC Platform?
The Ripple CBDC Platform, released by Ripple in May 2023, was developed as a private version based on the technology of the distributed ledger network “XRP Ledger”. The platform offers central banks, governments, financial institutions and others a set of functionalities to centrally manage all digital currency use cases and is also customizable.
In the past, several major banks have adopted the Ripple CBDC Platform. In April of this year, Ripple announced that it would work with the Central Bank of Montenegro to explore testing a CBDC or national stability coin.
Furthermore, in May, Ripple announced that it would participate in the “e-HKD Pilot Program” of the Hong Kong Monetary Authority (HKMA) and Fubon Bank to promote the use case of real estate asset tokenization. This program utilizes the Ripple CBDC Platform to verify the issuance and circulation of digital Hong Kong dollars (e-HKD) and real estate tokens, as well as lending (financing) functions.
connection:Ripple Participates in Hong Kong’s CBDC Pilot Program and Pursues the Potential of Tokenizing Real Estate Assets
What is the XRP Ledger (XRPL)?
XRPL is an open source, public, decentralized Layer 1 blockchain led by a global developer community. It enables a variety of services and use cases such as payments, decentralized finance, and tokenization.
According to Chenni Xu, senior director of communications at Ripple, it is fast, energy efficient and highly reliable. Ease of development, low transaction costs, and knowledgeable community give developers a strong open source foundation to run the most demanding projects without compromising XRPL’s lean and efficient feature set offer.
connection:Ripple Launches CBDC and Stablecoin Platform