Ripple is used by Colombia’s central bank to test blockchain technology

Colombia’s central bank, Banco de la República, has partnered up with Ripple to explore new use cases for blockchain technology.

Together with the Ministry for the Information and Communications Technologies (MinTIC) and Peersyst, a specialist blockchain technology firm, the central bank will pilot new use cases as it looks to enhance Colombia’s high-value payments system using Ripple’s central bank digital currency (CBDC) platform.

The project is the third phase of blockchain experimentation led by MinTIC and will run through the end of 2023.

MinTIC says its goal will be to educate national and territorial public entities “through interactive and collaborative real-world application experiments of how blockchain technology’s unparalleled speed, scalability, and transparency can revolutionise payment systems and data management”.

The central bank says it will experiment and test Ripple’s CBDC platform, “an end-to-end solution for central banks”, in a controlled environment without compromising public resources.

“The Banco de la República in Colombia and MinTIC’s forward-thinking on blockchain innovation will unlock new ways organisations operate in the digital era,” says James Wallis, VP of central bank engagements and CBDCs at Ripple.

Earlier in April, Montenegro’s central bank also partnered with Ripple to pilot the country’s proposed central bank digital currency (CBDC). – FF


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