Ripple Works With Colombia’s Central Bank On Researching Blockchain Technology

By Kevin • June 22, 2023 7:04 pm • Comments

Ripple’s ecosystem is continuing to grow at an impressive rate despite the ongoing legal battle between the company and the SEC.

This is due to the fact that there is strong overseas demand for Ripple’s blockchain solutions such as the On-Demand Liquidity solution.

Most recently, the company has revealed a new collaboration with Columbia’s central bank to research blockchain applications.

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It is quite interesting to see a central bank cooperate with a crypto company, but it seems that Ripple is one of the select few that has made this possible.

As a result, this could be one of many central banks that Ripple works with in the future which indicates a lot of potential growth.

Watcher.guru reports:

Ripple has announced that Banco de la República, in collaboration with the Ministry for the Information and Communications Technologies (MinTIC), plans to test Ripple’s CBDC platform to enhance its high-value payments system.

This initiative is part of MinTIC’s ongoing phase of blockchain experimentation.

Mauricio Lizcano, Minister of Information Technologies and Communications said in a statement, “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,”

James Wallis, Ripple’s Vice President of Central Bank Engagements and CBDCs, expressed that leveraging the CBDC Platform built on the XRPL has the potential to facilitate significant advancements in the adoption of blockchain technology within the public sector.

The central bank of Colombia, Banco de la Republica, is one of the central banks in the world that is very forward thinking when it comes to blockchain and crypto.

It appears that the bank is also looking into cross-border transactions and settlements with the use of blockchain.

Of course, for such a use case, Ripple’s XRPL ecosystem is perfect as it was specifically designed for cross-border transactions that are done almost immediately and with almost no transaction fees.

Therefore, it makes sense that the two entities would end up collaborating which means that there could be tremendous adoption for XRPL in the future.

The price of XRP has been trending positively recently as the overall crypto market is making a recovery and XRP has been one of the biggest winners so far.

Crypto-News-Flash.com reports:

Ripple’s expertise in providing efficient and cost-effective solutions for international payments makes it a valuable partner for the Central Bank of Colombia. This partnership is expected to drive innovation, improve financial infrastructure, and foster greater interoperability in the global banking system.

The partnership with the Banco de la República is expected to positively impact XRP’s price, as it validates the utility and potential of Ripple’s technology.

This news sparked a rally for XRP as it trades hands at $0.4882 with a market cap of $25.3B, a rise of 1.28% in the last 24 hours.

Market analysts suggest that this collaboration could fuel a bullish sentiment around XRP and lead to a price surge soon.

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