Ripple and Colombia: a partnership to use the Power of the Blockchain
Ripple is partnering with the central bank of Colombia to explore blockchain use cases in the South American country. Banco de la República will work with the Ministry of Information and Communications to pilot monetary projects. The bank aims to improve the country’s payment system using Ripple’s CBDC platform. On June 13, Canada’s largest university partnered with Ripple (XRP) and deployed its own validator in the territory.
Joe Vollono, Business Development Manager for CBDCs at Ripple, said the company has been in talks with the Colombian central bank for over a year. The pilot project is carried out in collaboration with Peersyst Technology, a Spanish company specialising in Blockchain technologies. In an interview, Vollano said:
“When we talk about a large-value payment system, we generally refer to large-scale wholesale payments, RTGS systems, and financial operations and infrastructure that could benefit from distributed ledger technology. It is therefore on this point that our exploration focuses.”
Ripple: efforts with central banks around the world
Beyond improving transaction speeds, Ripple’s technologies could ultimately reduce costs. In a statement, Ripple indicates that the project will continue until the end of 2023. The company clarified that the tests will be carried out in a controlled environment without compromising resources.
Ripple and @Peersyst are partnering with Colombia’s @BancoRepublica in conjunction with @Ministerio_TIC to pilot use cases that will enhance Colombia’s high-value payment system.🇨🇴
Learn more about the partnership: https://t.co/X9jyJ3pvDa
— Ripple (@Ripple) June 15, 2023
So far, Ripple has worked with monetary authorities in Hong Kong, Montenegro, Bhutan, and Palau. Vollano added:
“One of the advantages of this technology for high-value payments is the infrastructure and the idea that these transfers can be made permanently, quickly and at scale. All this while the existing infrastructure may not offer the same flexibility.”
