Ripple has announced its collaboration with Banco de la República, the Central Bank of Colombia, to explore use cases for blockchain technology.
The Central Bank together with Ministry of Information and Communication Technology (MinTIC) will develop pilot use cases that will enhance the Colombian payment system using the Ripple CBDC platform powered by the XRP Ledger (XRPL). This pilot project will be developed as part of the third phase of blockchain experiments led by MinTIC.
Led by the MinTIC Digital Government Directorate, the project will run until the end of 2023. The Ripple CBDC platform, an end-to-end solution for central banks, will be tried and tested in a controlled environment without compromising government resources.
Joe Vollono, director of business development for CBDC at Ripple, said the company has been in talks with the Colombian central bank for over a year. The pilot project is being implemented jointly with the Spanish blockchain technology company Peersyst Technology.
“When we talk about a high-value payment system, we usually mean large-scale wholesale payments, RTGS systems, and related financial transactions and infrastructure that can benefit from the use of distributed ledger technology,” Vollano said.