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Banco de la Rep\u00fablica, Colombia\u2019s central bank, is partnering with Peersyst and Ripple to pilot blockchain technology on the XRP ledger.\u00a0<\/p>\n
The Ministry of Information and Communications Technologies (MinTIC) in Colombia will oversee the project, which will use Ripple\u2019s recently launched<\/a> central bank digital currency (CBDC) platform. <\/p>\n Ripple and @Peersyst<\/a> are partnering with Colombia\u2019s @BancoRepublica<\/a> in conjunction with @Ministerio_TIC<\/a> to pilot use cases that will enhance Colombia\u2019s high-value payment system.<\/p>\n Learn more about the partnership: https:\/\/t.co\/X9jyJ3pvDa<\/a><\/p>\n \u2014 Ripple (@Ripple) June 15, 2023<\/a><\/p><\/blockquote>\n An announcement\u00a0published <\/a>on June 15 says the pilot will run through 2023 and states that its purpose is to demonstrate the technology\u2019s utility to the public:<\/p>\n \u201cThe goal of the third phase of MinTIC\u2019s experimentation of blockchain will be to educate national and territorial public entities through interactive and collaborative real-world application experiments of how blockchain technology\u2019s unparalleled speed, scalability, and transparency can revolutionize payment systems and data management.\u201d<\/p><\/blockquote>\n The XRP ledger CBDC platform also serves as the basis for similar pilot projects in Hong Kong, Bhutan, Palau and Montenegro.<\/p>\n CBDC team making significant progress with the launch of the new #cbdc<\/a> platform Four countries now announced Grateful to the team at @Ripple<\/a> who are developing the best platform for the future of Digital Currencies Palau Bhutan Montenegro Hong Kong \u2026<\/p>\n \u2014 Antony Welfare (@AntonyWelfare) May 19, 2023<\/a><\/p><\/blockquote>\n Ripple\u2019s continued growth comes amid ongoing legal challenges stemming from a Securities and Exchange Commission (SEC) suit against the company filed in 2020. <\/p>\n The SEC alleges that Ripple sold $1.3 billion worth of unregistered securities in the form of its XRP (XRP<\/a>) token. Ripple claims that XRP isn\u2019t a security and that the SEC never gave it any notice or warning.<\/p>\n Related: <\/em><\/strong>The SEC vs. Ripple lawsuit: Everything you need to know<\/em><\/strong><\/a><\/p>\n As Cointelegraph recently reported, the company also claims it spent $200 million defending itself<\/a> from the suit. While there\u2019s currently no definitive answer to the question of when the trial will end, it\u2019s widely believed that the release of the so-called \u201cHinman documents\u201d could affect the remaining legal proceedings. <\/p>\n The Hinman documents<\/a> reference internal SEC communications related to a 2018 speech given by William Hinman, the former director of the SEC\u2019s corporate finance division. During the speech, Hinman commented that cryptocurrencies such as Bitcoin (BTC<\/a>) and Ether (ETH<\/a>) might start out as securities but could become commodities later once they become sufficiently decentralized. <\/p>\n At the time, internal SEC notes indicated<\/a>\u00a0that\u00a0the commission was concerned Hinman\u2019s comments could make it \u201cdifficult for the agency to take a different position on Ether in the future.\u201d <\/p>\n While Himan\u2019s speech was given before the SEC\u2019s suit against Ripple and didn\u2019t directly reference XRP, experts argue that it shows that even the SEC understood there was confusion<\/a> surrounding the agency\u2019s treatment of cryptocurrencies. <\/p>\n<\/div>\n\n
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