Central Bank of Colombia Dives into Blockchain Technology

Colombian CB partners with Ripple to conduct tests on Ripple’s technology for large transactions.

Central Bank of Colombia Dives into Blockchain Technology

Banco de La República – the Central Bank of Colombia partnered with Ripple, a blockchain company, in hopes of exploring blockchain technology.

The Ministry of Information and Communications Technologies (MinTIC) and the Banco de la Repúbloca will test the CBDC platform by Ripple, to improve its system of large transactions. MinTIC initiated this testing as a part of its blockchain experimentation.

Ripple said about its CBDC platform that it "will be experimented and tested in a controlled environment without compromising public resources.”

Meanwhile, Mauricio Lizcano, the Minister of Information Technologies and Communications of Colombia, 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.”

Additionally, the vice president of Central Bank Engagements and CBDCs at Ripple, James Wallis said:

“By harnessing the power of the CBDC Platform, based upon the XRPL, this project will pave the way for transformative advancements in the utilization of blockchain technology within the public sector.”

Back in August of 2022, the Colombian government was considering introducing a CBDC (central bank digital currency) to reduce tax evasion and facilitate transactions, as well as restrict cash transactions over 10 million Colombian pesos, or roughly 2390 USD.

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