Ripple forms a collaboration with Columbia’s Central Bank

Ripple, which is an absolute top player in enterprise blockchain and crypto solutions, joins forces with Columbia’s Central Bank, Banco de la Republica. Furthermore,  in the picture, one can find Peersyst Technology. Through this amalgamation, they will be involved in the scouring of blockchain technology use cases.

To delve slightly deeper, the Central Bank will be forming an association with The Ministry of Information and Communications Technologies (MinTIC) to kickstart use cases that will help in making improvements to the high-end payment structure with the effective utilization of the Ripple CBDC Platform. All of this will be further boosted by the XRP Ledger, which is basically an energy-capable and open-source blockchain. 

The conclusion of the project is slated for the end of the year 2023, and the Directorate of Digital Government, MinTIC, will be responsible for overseeing it. This will be the third stage of the experiment and will be aimed towards the creation of further awareness regarding aspects related to quickness, as well as upgradability and clarity in blockchain technology can change the very way payment structures and data management is done currently.

According to Mauricio Lizcano, who is an ICT Minister, from this experimentation, it will be easy to gauge the effectiveness of the blockchain technology where the solution is concerned. This will reflect on the new high-end payment structure that will be then put in place. 

In the case of the Vice President of Central Bank Engagements and CBDCs, James Wallis, he strongly feels that this exercise involving blockchain innovation will open the doors toward a better understanding of matters related to the digital arena. It will also help in furthering the impact of blockchain technology in the case of the overall public sector. 

As far as the CEO of Peersyst Technology, Ferran Prat, is concerned, the exercise being conducted will help in adopting the very best and most suitable technologies that seem to be the need of the hour. He is of the opinion that in terms of payment and technology-related issues, there is no company more proficient than Ripple, and one can only expect the very best results. 

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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