Ripple has confirmed its partnership with Banco de la República, the Central Bank of Colombia, for pioneering initiatives in blockchain technology.
The central bank and the Ministry of Information and Communications Technologies (MinTIC) will participate in a pilot program until the end of 2023 to assess “high-value payments” using Ripple’s CBDC Platform.
This pilot phase aims to familiarize “national and territorial public entities” with the technology, demonstrating its capabilities in improving payment systems and data management.
ICT Minister Mauricio Lizcano said the program would look at different use cases for CBDC Platform. He added:
“Potential efficiencies can be evaluated through the results obtained in the development of a solution with blockchain technology, which manages to improve and complement the processes in the entities in a safe and efficient way.”
Ripple’s VP of Central Bank Engagements & CBDCs, James Wallis, said CBDC Platform will drive block
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