Colombia’s central bank, Banco de la República, has joined forces with Ripple and the Ministry for Information and Communications Technologies (MinTIC) to implement Ripple’s CBDC platform.
This strategic collaboration aims to leverage blockchain technology to enhance Colombia’s high-value payments system as part of MinTIC’s third phase of blockchain experimentation under the guidance of the Directorate of Digital Government.
By adopting Ripple’s CBDC platform, Banco de la República aims to evaluate potential efficiencies and enhance processes within the entity.
The technological solution developed through this partnership will allow simulations of different use cases in the high-value payment system.
Minister Mauricio Lizcano of MinTIC emphasized the importance of blockchain technology in improving and complementing processes within public entities in a secure and efficient manner.
James Wallis, Ripple’s VP of Central Bank Engagement and CBDCs, expressed the significance of the collaboration, stating that it would unlock new operational methods in the digital era and pave the way for transformative advancements in blockchain technology within the public sector.
Ripple‘s commitment to innovation and efficiency is evident in its dedication to empowering public entities to leverage secure and transparent transactions for their operations.
Earlier this year, Ripple introduced its XRPL-driven CBDC solution, designed to enable central banks, financial service providers, and governments to launch their own digital currencies.
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