Colombia's central bank is testing how Ripple's new end-to-end CBDC platform could help boost the country's high-value payment system.
Banco de la República, in conjunction with the Ministry of Information and Communications Technologies, will pilot the Ripple platform through the rest of the year.
Developed to address multiple use cases including wholesale and retail CBDCs on a private ledger or issuing a stablecoin, the Ripple platform is powered by the XRP Ledger, an energy-efficient and open-source blockchain.
James Wallis, VP, central bank engagements and CBDCs, Ripple, says: "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."