As reported by Cointelegraph, Banco de la República, Colombia’s central bank, will collaborate with Ripple, along with Peersyst, which are crypto solutions providing platforms It is expected that this collaboration will add blockchain technology to the XRP ledger.
Sources revealed that the Ministry of Information and Communications Technologies (MinTIC) in Colombia will look after the project. Supposedly, this project will use the central bank digital currency (CBDC) platform, launched recently by Ripple, Cointelegraph added.
“ Ripple and @Peersyst are partnering with Colombia’s @BancoRepublica in conjunction with @Ministerio_TIC to pilot use cases that will enhance Colombia’s high-value payment system,” Ripple tweeted.
With insights from an announcement made on June 15, 2023, this new collaboration will continue throughout this year and will be capable of showing the technology’s use to the users. Furthermore, “The goal of the third phase of MinTIC’s experimentation of blockchain will be to educate national and territorial public entities through interactive and collaborative real-world application experiments of how blockchain technology’s unparalleled speed, scalability, and transparency can revolutionise payment systems and data management,” Cointelegraph concluded.
(With insights from Cointelegraph)