"Ripple is good, never gives up on doing something."
Its community must have been excited when Ripple reportedly signed an agreement with Columbia's central bank, Banco de la República as part of its plans to explore the use of blockchain technology.
Not only that, Ripple also intends to further research the use of the Ripple CBDC Platform to improve the use of high-value payment systems, where it will be carried out together with the blockchain technology firm Peersyst Technology based in Spain.
Banco de la República will collaborate with Colombia's ministry of information and communication, MinTIC to study its use that can improve the country's payment system with the help of the Ripple CBDC Platform built on the XRP Ledger (XRPL).
In addition to leading the development that is in the third phase of the blockchain experiment, MinTIC also educates national and regional public entities through interactive and collaborative real-world application experiments.
According to James Wallis, Vice President of Central Bank Engagements said the project which leverages the Ripple CBDC Platform based on XRPL will pave the way for transformative progress in the use of blockchain technology for the public sector.
It is widely known that the action comes a few weeks after Ripple launched its XRPL-powered CBDC platform that aims to assist central banks, governments and financial institutions in issuing their own CBDC.
As of this writing, XRP price is up 1.53% at $0.47 in the last 24 hours with a market cap of $24 billion but is still down 9.14% over the past week.
