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- 1 The latest partnership adds one more country in tandem with Ripple for blockchain development.
- 2 The Colombian central bank seeks education and technology development in the region.
Payment protocol Ripple (XRP) is again in a partnership for blockchain technology. The company is now venturing into the South American country, Colombia. Along with the blockchain software developer Peersyst, Ripple will be facilitating its support to the Colombian central bank for a pilot blockchain tech project based on XRP Ledger (XRPL).
Blockchain Development for Education and Awareness
The Central Bank of Colombia, Banco de la República, partnered with Ripple to explore the use cases of blockchain technology during the testing in the region. Along with the central bank, the Ministry of Information and Communications Technologies (MinTIC) will be overseeing the project seeking the betterment of a “high-value payment system” using the recently launched central bank digital currency (CBDC) platform.
Ripple, in its June 15 released statement, noted that the MinTIC-led blockchain experimentation initiative will enter into its third phase with the pilot test. With the experimentation, the ministry is aimed at education at national and territorial level. People in the region become get aware of the technology through the “interactive and collaborative real-world application” that blockchain technology has to offer.
The said Ripple CBDC platform is based on its energy-efficient and open-source blockchain XRP Ledger (XRPL). The platform holds the capabilities provided, given the features offered by the blockchain—speed, scalability, and transparency. The digital currency platform was created for central banks to provide them with end-to-end solutions.
The pilot phase of the project will be running until the end of this year under the supervision of the Directorate of Digital Government.
The Vice President of Central Bank Engagements and CBDCs at Ripple, James Wallis, stated that the farsightedness of the Colombian central bank and MinTIC towards blockchain is poised to reveal more ways for companies, institutions, and organizations in today’s digital age.
“By harnessing the power of the Ripple 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.”
Popularity of Ripple aAmong Developing Countries
Many countries across the world are leveraging Ripple’s XRP Ledger CBDC platform services for pilot projects, similar to Colombia. These countries include Hong Kong, Bhutan, Montenegro, and Palau, and several others.
About 20 countries worldwide are seeking assistance from Ripple for CBDC and blockchain technology development. This is when the company is amid the tussle with US Securities and Exchange Commission. The lawsuit filed in 2020 by the financial regulator alleged the firm sold its native token XRP, citing it as unregistered securities.
SEC vs Ripple lawsuit, one of the known cases in the crypto space, is likely to reach to a conclusion soon. Though there is no fixed timeline for the result to come out, many crypto and legal experts believe it to get wrapped up this year, with more chances of Ripple to win over the SEC.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
