Colombia’s central bank, Banco de la República, has partnered with blockchain firm Ripple to explore the use of blockchain technology.
Ripple has announced that Banco de la República, in collaboration with the Ministry for the Information and Communications Technologies (MinTIC), will be testing Ripple’s CBDC platform to enhance its high-value payments system, as a part of MinTIC’s blockchain experimentation phase.
Ripple has stated that its CBDC platform will undergo experimentation and testing in a controlled setting, with no impact on public resources.
Mauricio Lizcano, the Minister of Information Technologies and Communications of Colombia has stated that the outcomes of a blockchain-based solution can be used to assess potential efficiencies in improving and complementing processes in entities in a secure and efficient manner.
James Wallis, the Vice President of Central Bank Engagements and CBDCs at Ripple, has expressed that the CBDC Platform, based on the XRPL, will lead to significant advancements in the utilization of blockchain technology within the public sector.
In August 2022, the Colombian government announced that it was contemplating the implementation of a central bank digital currency to facilitate transactions and minimize tax evasion. Additionally, the government is planning to prohibit cash transactions exceeding 10 million Colombian pesos ($2390).
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