Among today’s crypto news is the new collaboration between Ripple and Banco de la República de Colombia to test and explore blockchain use cases.
The pilot project will test Ripple’s CBDC (Central Bank Digital Currency) platform.
Summary
Crypto news: Ripple and CBDC platform testing with Banco de la República de Colombia
The Central Bank of Colombia, Banco de la República, has chosen Ripple and its dedicated Central Bank Digital Currency (CBDC) platform to test a pilot project.
Thus, the basis of the tests is Ripple’s CBDC platform, which is powered by XRP Ledger (XRPL), an energy-efficient open-source blockchain.
Together with the Ministry of Information and Communications Technology (MinTIC), the Central Bank of Colombia and Ripple will seek in the testing of use cases, to find new solutions that will improve Colombia’s high-value payment system.
The last phase of blockchain experimentation of the MinTIC, scheduled for the end of 2023, will be to educate national and territorial public entities.
In practice, interactive and collaborative real-world application experiments will be conducted on how the unparalleled speed, scalability, and transparency of blockchain technology can revolutionize payment systems and data management.
Crypto News: Ripple to improve high-value payment system in Colombia
Also participating in Ripple’s collaboration with Colombia’s Central Bank and MinTIC will be Peersyst Technology, a company selected by the MinTIC itself as one of the leading allies for the implementation of blockchain technology in the public sector.
In any case, regarding the pilot project on Ripple’s CBDC platform, Mauricio Lizcano, Minister of ICT, commented as follows:
“Potential efficiencies can be evaluated through the results obtained in the development of a solution with Blockchain technology, which manages to improve and complement the processes in the entities in a safe and efficient way. In addition, it will provide a technological solution (Prototype), which will allow simulations of different use cases in the high-value payment system.”
James Wallis, VP of Central Bank Engagements and CBDC also said as follows:
“The Banco de la República in Colombia and MinTIC forward-thinking on blockchain innovation will unlock new ways organizations operate in the digital era.
By harnessing the power of the CBDC Platform, based upon the XRPL, this project will pave the way for transformative advancements in the utilization of blockchain technology within the public sector.
This partnership showcases our commitment to driving innovation and efficiency, ultimately empowering public entities to unlock the full potential of secure and transparent transactions.”
Targeting outside the US
This news, is part of a very clear goal of Ripple: “targeting outside the United States.” An international expansion policy that stems from the fact that crypto regulation in the US is the most confusing according to Ripple’s own CEO Brad Garlinghouse.
Late last month, even before the US Securities and Exchange Commission (SEC) charged Binance and Coinbase for offering some crypto assets defined as unregistered securities, Garlinghouse had given his interview.
The Ripple CEO was clear in stating that the opportunities for growth in the crypto sector are outside the US, as the US has made the rules as confusing as possible.
Not only that, Garlinghouse explained that, like Ripple, there are many crypto companies and startups that are looking to hire and invest in other countries.
Hosting these crypto companies fleeing the US are countries such as Europe, which with the MiCa, is increasingly becoming the industry leader.
