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Ripple works with Colombia’s central bank for CBDC development

ripple-works-with-colombias-central-bank-for-cbdc-development
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Ripple works with Colombia’s central bank for CBDC development

Ripple is pressing forward by partnering with Banco de la República, Colombia’s central bank, to probe the potential applications of blockchain technology in the financial sector, and a CBDC.

Amid a two-year-long battle with the U.S. Securities and Exchange Commission (SEC), Ripple hasn’t missed a beat in progressing its network. The SEC accused Ripple of treating XRP, its native token, as a security.

Nonetheless, the lawsuit didn’t deter Ripple’s ability to grow. Recent developments highlight Ripple’s partnership with Colombia’s central bank, Banco de la República, signifying its ongoing commitment to exploring and innovating blockchain technology applications.

https://twitter.com/edward_farina/status/1669328687521583105?s=20

Banco de la República, together with the Ministry for the Information and Communications Technologies (MinTIC), has shown interest in testing Ripple’s central bank digital currency (CBDC) platform.

The hope is that Ripple’s CBDC platform could enhance their existing high-volume payments system. This exploration forms part of MinTIC’s consistent efforts to experiment with blockchain technology.

Mauricio Lizcano, Colombia’s Minister of Information Technologies and Communications, shared his optimism about the project. He views the blockchain-based solution as a potential tool to increase efficiency and improve the safety of various institutional processes.

The focus is on the development and application of blockchain technology that could enhance operations in a secure and effective way.

James Wallis, Ripple’s vice president of central bank engagements and CBDCs, echoed this sentiment. He argued that the CBDC platform, which is built on the Ripple ledger (XRPL), could drive significant progress in the adoption of blockchain technology in the public sector.

Wallis expressed belief in Ripple’s ability to deliver this tech innovation, even as the company continues to grapple with legal issues.