Payments firm Ripple is working with Colombia’s central bank to test the firm’s new platform for central bank digital currencies (CBDCs) and stablecoins.
The Banco de la República and Colombia’s Ministry of Information and Communications Technologies (MinTIC) will pilot the use cases of the Ripple CBDC Platform with the aim of enhancing the country’s high-value payment system.
The Ripple CBDC Platform is a proprietary solution powered by the decentralized public blockchain XRP Ledger that enables central banks, governments and financial institutions to create their own digital assets.
In a statement, Ripple says the pilot program, which will run through the end of 2023, comprises part of the third phase of a blockchain experiment through which the CBDC platform will be tested in a controlled environment sans the risk of compromising public resources.
“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 revolutionize payment systems and data management.”
Ripple announces its partnership with Colombia’s central bank as the South American nation considers rolling out a CBDC to facilitate financial transactions and combat tax evasion.
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