Ripple partners with Colombia’s central bank to explore blockchain technology
Banco de la República, Colombia’s central bank, is partnering with Peersyst and Ripple to pilot blockchain technology on the XRP ledger.
The Ministry of Information and Communications Technologies (MinTIC) in Colombia will oversee the project, which will use Ripple's recently-launched central bank digital currency (CBDC) platform.
Ripple and @Peersyst are partnering with Colombia’s @BancoRepublica in conjunction with @Ministerio_TIC to pilot use cases that will enhance Colombia’s high-value payment system.Learn more about the partnership: https://t.co/X9jyJ3pvDa
An announcement published on June 15 says the pilot will run through 2023 and states that its purpose is to demonstrate the technology’s utility to the public:
The XRP ledger CDBC platform also serves as the basis for similar pilot projects in Hong Kong, Bhutan, Palau, and Montenegro.
CBDC team making significant progress with the launch of the new #cbdc platform Four countries now announced Grateful to the team at @Ripple who are developing the best platform for the future of Digital Currencies Palau Bhutan Montenegro Hong Kong …
Ripple’s continued growth comes amid ongoing legal challenges stemming from a Securities and Exchange Commission (SEC) suit against the company filed in 2020.
The SEC alleges that Ripple sold $1.3 billion worth of unregistered securities in the form of its XRP token. Ripple claims that XRP isn’t a security and that the SEC never gave it any notice or warning.
Related: The SEC vs. Ripple lawsuit: Everything you need to know
As Cointelegraph recently reported, the company also claims it spent $200 million defending itself from the suit. While there’s currently no definitive answer to the question of when the trial will end, it’s widely
Read more on cointelegraph.com
