TL;DR: Colombia’s Central Bank, Banco de la República, collaborates with Ripple to pilot blockchain technology in enhancing the country’s high-value payment system. The partnership aims to leverage Ripple’s CBDC Platform, powered by the XRP Ledger, to advance payment systems and data management.
Colombia’s Central Bank Partners with Ripple to Explore Blockchain Use Cases including CBDC
Banco de la República, Colombia’s Central Bank, has partnered with Ripple to explore the use of blockchain technology. The partnership aims to enhance Colombia’s high-value payment system using Ripple’s CBDC Platform, which is powered by the XRP Ledger.
The project will be part of the Ministry of Information and Communications Technologies’ (MinTIC) third phase of blockchain experimentation, led by the Directorate of Digital Government. The collaboration will run until the end of 2023, focusing on educating national and territorial public entities on the benefits of blockchain technology in revolutionizing payment systems and data management.
Ripple’s CBDC Platform, designed for central banks, will be tested in a controlled environment to assess its speed, scalability, and transparency capabilities.
Minister Mauricio Lizcano highlighted the potential efficiencies that can be achieved through blockchain technology, emphasizing the improvement and complementation of processes in a secure and efficient manner. The project aims to provide a technological solution and prototypes for different use cases in the high-value payment system, without compromising public resources.
James Wallis, VP of Central Bank Engagements and CBDCs at Ripple, praised Banco de la República and MinTIC’s forward-thinking approach to blockchain innovation, stating that the project will unlock new operational possibilities for organizations in the digital era. The partnership demonstrates Ripple’s commitment to driving innovation and efficiency, empowering public entities to leverage secure and transparent transactions.
Ferran Prat, CEO of Peersyst Technology, emphasized the rigorous criteria used in selecting technology partners and highlighted Ripple’s leadership position in the industry, particularly in payments and technology for central banks. Ripple’s expertise makes it an ideal ally to apply the potential of its large-value payment system technology at Banco de la República.
Peersyst Technology is a leading blockchain firm, chosen by MinTIC as a reference ally for implementing blockchain in Colombia’s public sector. They work with various entities, positioning themselves as a leader in Latin America’s blockchain implementation.
Further details about the pilot program, including specific use cases and implementations, will be revealed later in the year.