Ripple, Peersyst Partner With Colombian Central Bank for Blockchain Project

• Ripple and Peersyst Technology are partnering with the Central Bank of Colombia.
• The partnership will explore blockchain technologies and use cases in the country.
• The project will be supervised by the Directorate of Digital Government, MinTIC.

Ripple and Peersyst Technology are partnering with the Central Bank of Colombia to explore blockchain technologies and use cases. In a tweet, Peersyst Technology revealed the project’s objective is to evaluate potential efficiencies of a solution using the Ripple CBDC Platform, based on the core technology of the XRPLedger, to improve use cases on the high-value payment system.

According to reports, the Colombian Central Bank and its Ministry of Information and Communications Technologies (MinTIC) will pilot the project. The current pilot will represent part of the third phase of blockchain experimentation in the country, led by MinTIC.

In a press release, Ripple explained the project will run until the end of 2023 under the supervision of the Directorate of Digital Government, MinTIC. The project will target educating national and territorial public entities through interactive and collaborative real-world application experiments on how blockchain technology’s unparalleled speed, scalability, and transparency can revolutionize payment systems and data management.

The key capabilities included in the project include Ripple’s CBDC Platform, an end-to-end solution for central banks, that will be experimented with and tested in a controlled environment without compromising public resources.

According to Colombia’s ICT Minister, the government can evaluate potential efficiencies through the results obtained in developing a solution with blockchain technology. He predicted that the results would improve and complement the processes in the entities safely and efficiently, in addition to providing a technological solution that will allow simulations of different use cases in the high-value payment system.

The project comes amid Ripple’s ongoing legal battle with the US Securities and Exchange Commission (SEC). Despite the lawsuit, Ripple’s native token, XRP, has retained relative strength in the market. At the time of writing, XRP traded at $0.47.

If the case goes in Ripple’s favor, users project XRP could climb up to $1, considering other adoption practices it has engaged in, including the partnership with Colombia’s Central Bank.