Ripple Establishes Strategic Partnership With Colombian Central Bank

Illustration of Ripple. (Photo; Doc. Usethebitcoin)

JAKARTA - Ripple Labs Inc, a blockchain payment company, has established a strategic partnership with the Central Bank of Colombia, Banco de la Rep Rep. Rep. Rep. Lipblica, to explore the use of blockchain technology in central bank digital currencies (CBDC). This partnership also involves the Ministry of Information and Communication Technology (MinTIC) and a blockchain technology company called PETERsyst Technology.

The alliance aims to evaluate the potential efficiency of the solution that uses the XRPLedger (XRPL)-based Ripple CBDC Platform, in order to improve the high-value payment system. The pilot phase of this partnership will be part of the third-stage blockchain experiment led by MinTIC.

The experiment focuses on improving payment systems and data management through speed, scalability, and transparency of blockchain technology. The third stage will involve interactive and collaborative real-world applications. CBDC Ripple Platform Testing will be carried out in a controlled environment so as not to harm public resources.

ICT Minister, Mauricio Lizcano, stated that this project is important to evaluate potential efficiency in the development of secure and efficient blockchain solutions. James Wallis, Vice President of Central Bank and CBDC involvement, also sees this partnership as the beginning of the era of innovation in the digital realm.

The XRPL-based Ripple CBDC platform is expected to pave the way for transformational developments in the use of blockchain technology in the public sector.

The partnership between Ripple and the Central Bank of Colombia marks an increasing recognition of Ripple as a major player in the Web3 era, particularly in building CBDCs. With this effort, Ripple is trying to be a major choice for central banks looking to build their own CBDCs, strengthening its position in the industry.