Ripple Collaborates with Colombia’s Central Bank to Explore Blockchain Technology
Ripple, a prominent blockchain solutions provider, has joined forces with Banco de la República, Colombia’s central bank, to delve into the potential applications of blockchain technology in the South American nation.
The partnership involves Banco de la República collaborating with the Ministry of Information and Communications to conduct pilot projects using Ripple’s CBDC Platform, aimed at enhancing Colombia’s high-value payment system.
Joe Vollono, Director of CBDC Business Development at Ripple, revealed that discussions with the Colombian central bank had been ongoing for over a year. The pilot initiative is being executed in conjunction with Peersyst Technology, a blockchain technology firm based in Spain.
Vollono explained in an interview that the focus of the exploration lies in leveraging distributed ledger technology to optimize large-scale, wholesale payments, real-time gross settlement (RTGS) systems, and associated financial operations and infrastructure. The objective is to enhance efficiency and streamline processes within the high-value payment system.
Apart from potentially accelerating transaction speed, Ripple’s collaboration with central banks worldwide aims to reduce costs. The project with Banco de la República is scheduled to run until the end of 2023, and Ripple assured that all tests would be conducted in a controlled environment to avoid any impact on resources.
Ripple has previously worked with monetary authorities in several countries, including Hong Kong, Montenegro, Bhutan, and Palau.
