Ripple partners with the Columbian Central Bank for the development of CBDC

Ripple has successfully developed its network despite a two-year legal conflict with the US Securities and Exchange Commission (SEC). The SEC charged Ripple with classifying its native token, XRP, as a security.

Despite this, the lawsuit did not affect Ripple’s capacity to expand. Ripple’s recent collaboration with Colombia’s central bank, Banco de la Republica, demonstrates the company’s continuous commitment to researching and inventing blockchain technology applications.

The Banco de la Republica, in collaboration with the Ministry of Information and Communications Technologies (MinTIC), has expressed excitement about exploring Ripple’s central bank digital currency (CBDC) platform.

Ripple’s CBDC platform is expected to strengthen its existing large-scale payments system. This analysis is part of MinTIC’s ongoing examination of blockchain technology.

Colombian Minister of Information Technologies and Communications, Mauricio Lizcano, expressed his support for the project. He sees the blockchain-based solution as an effective tool for improving the efficiency and security of many institutional operations.

The priority is the development and deployment of blockchain technology to improve operations safely and efficiently.

Ripple’s vice president of central bank engagements and CBDCs, James Wallis, shared his opinion.

He asserted that the CBDC platform, which is based on the Ripple ledger (XRPL), could accelerate considerable progress in the public sector’s embrace of blockchain technology.

I am Vishal. I post articles about the cryptocurrency markets. I'm pursuing a BBA degree. My home is in Navi Mumbai, Maharashtra.I'm constantly interested in new advancements in this industry and I learn something new about it every day. I would love to share such information with you all.

Leave a Comment