Over 50 million Colombians now have access to the first National Land Registry on the XRP Ledger (XRPL), according to Ripple’s partner Peersyst Technology, a software and blockchain development company.
First National Land Registry
According to recent sources, the Colombian government is ready to benefit from the XRP blockchain technology.
The Barcelona-based firm revealed this information in a tweet on July 1 and added that it has been working on the project with Colombia’s “Digital Government” initiative and the country’s Ministry of Information Technology and Communication for more than a year.
The project will make use of XRP Stamp, a blockchain-based effort that enables digital documents and data to be validated and certified on XRP Ledger, which will be used by the nation’s National Land Agency (XRPL).
The data is then kept on the blockchain for further use. With the use of QR codes, authenticity may be confirmed.
The Colombian Ministry of Information Technology and Communication, led by Minister Carmen Ligia Valderrama, received praise from Peersyst Technology for opening the country’s doors to blockchain technology and for demonstrating a commitment to transparency.
The majority of the blockchain-based solutions developed by Peersyst are built on the XRP blockchain thanks to the company’s long-standing cooperation with Ripple.
Despite a lack of regulatory clarity, 80% of Colombians are interested in cryptocurrencies.
Latin American country Colombia has been sluggish in enacting regulations for cryptocurrencies like Bitcoin.
Colombia just recently enacted a statute governing cryptocurrency exchanges, unlike its rivals Argentina, Brazil, and El Salvador, which have established regulatory frameworks and fostered a vibrant market for digital assets.
In order to safeguard citizens from the risks of cryptocurrency-related Ponzi schemes, the measure that was enacted by the Colombian Congress early last month provided clarification on the mode of operation of cryptocurrency exchanges in the nation.
The measure is still in its early stages and will likely go through three more conversations before becoming law.
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