Colombia’s Central Bank Partners Ripple
Colombia’s central bank, Banco de la Repblica, has collaborated with blockchain startup Ripple to investigate the usage of blockchain technology.
According to Ripple, Banco de la Republica will pilot Ripple’s CBDC platform with the Ministry of Information and Communications Technologies (MinTIC) to strengthen its high-value payments system. The endeavour is part of MinTIC’s blockchain experimentation phase.
Ripple stated its CBDC platform “will be experimented and tested in a controlled environment without compromising public resources.”
“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,” said James Wallis, vice president of Central Bank Engagements and CBDCs at Ripple.
(With inputs from Shikha Singh)
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