Ripple works with Colombia’s central bank for CBDC development

Ripple is pushing forward with its partnership with Colombia’s central bank, Banco de la República, to explore the potential uses of blockchain technology and a central bank digital currency (CBDC). Despite facing a legal battle with the U.S. Securities and Exchange Commission (SEC) over the classification of its native token XRP as a security, Ripple remains committed to advancing its network.

The collaboration with Banco de la República demonstrates Ripple’s ongoing dedication to innovation and the exploration of blockchain applications. The central bank, in conjunction with the Ministry for Information and Communications Technologies (MinTIC), has expressed interest in testing Ripple’s CBDC platform. They aim to leverage this technology to enhance their existing high-volume payment system. This initiative aligns with MinTIC’s consistent efforts to experiment with blockchain solutions.

Mauricio Lizcano, Colombia’s Minister of Information Technologies and Communications, is optimistic about the project. He sees the blockchain-based solution as a potential tool for improving efficiency and enhancing the security of various institutional processes. The primary focus is on developing and implementing blockchain technology in a secure and efficient manner.

James Wallis, Ripple’s vice president of central bank engagements and CBDCs, shares this positive outlook. He believes that Ripple’s CBDC platform, built on the Ripple ledger (XRPL), could drive significant progress in the adoption of blockchain technology within the public sector. Wallis expresses confidence in Ripple’s ability to deliver this technological innovation despite the ongoing legal challenges.

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