2 years ago
Colombia's cardinal bank, Banco de la República, has partnered with blockchain steadfast Ripple to research the usage of blockchain technology.
According to Ripple, Banco de la República, successful conjunction with the Ministry for the Information and Communications Technologies (MinTIC), volition aviator Ripple's CBDC level to amended its high-value payments system. The inaugural is portion of a blockchain experimentation signifier conducted by MinTIC.
Ripple said that its CBDC level “will beryllium experimented and tested successful a controlled situation without compromising nationalist resources.”
“Potential efficiencies tin beryllium evaluated done the results obtained successful the improvement of a solution with blockchain technology, which manages to amended and complement the processes successful the entities successful a harmless and businesslike way,” Mauricio Lizcano, Minister of Information Technologies and Communications of Colombia, said successful a statement.
“By harnessing the powerfulness of the CBDC Platform, based upon the XRPL, this task volition pave the mode for transformative advancements successful the utilization of blockchain exertion wrong the nationalist sector,” said James Wallis, vice president of Central Bank Engagements and CBDCs astatine Ripple.
In August 2022, Colombia’s authorities said it was considering the instauration of a central slope integer currency to facilitate transactions and trim taxation evasion, arsenic good arsenic readying to prohibition currency transactions for amounts surpassing 10 cardinal Colombian pesos ($2390).
Edited by Aoyon Ashraf.
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