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<p class="is-style-lead">Ripple is pressing forward by partnering with Banco de la República, Colombia&#8217;s central bank, to probe the potential applications of blockchain technology in the financial sector, and a CBDC.</p>



<p>Amid a two-year-long <a href="https://crypto.news/ripple-ceo-prepares-for-sec-lawsuit-to-conclude-in-2023/" data-type="URL" data-id="https://crypto.news/ripple-ceo-prepares-for-sec-lawsuit-to-conclude-in-2023/">battle</a> with the U.S. Securities and Exchange Commission (SEC), Ripple hasn&#8217;t missed a beat in progressing its network. The SEC accused Ripple of treating <a href="https://crypto.news/price/xrp/" data-type="URL" data-id="https://crypto.news/price/xrp/">XRP</a>, its native token, as a security.</p>



<p>Nonetheless, the lawsuit didn&#8217;t deter Ripple&#8217;s ability to grow. Recent developments highlight Ripple&#8217;s partnership with Colombia&#8217;s central bank, Banco de la República, signifying its ongoing commitment to exploring and innovating blockchain technology applications.</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">BOOOOOOOOOOOOOM !!!! 💣 💣<a href="https://twitter.com/hashtag/RIPPLE?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#RIPPLE</a> partners with CENTRAL BANK OF COLOMBIA 🇨🇴 to build CBDC based upon the <a href="https://twitter.com/hashtag/XRPL?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#XRPL</a> <a href="https://twitter.com/hashtag/XRP?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#XRP</a> to take over the FINANCIAL SYSTEM <a href="https://t.co/VvQ63UxciI" target="_blank">pic.twitter.com/VvQ63UxciI</a></p>&mdash; EDO FARINA 🅧 XRP (@edward_farina) <a href="https://twitter.com/edward_farina/status/1669328687521583105?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 15, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<p>Banco de la República, together with the Ministry for the Information and Communications Technologies (MinTIC), has shown interest in testing Ripple’s central bank digital currency (<a href="https://crypto.news/ripple-launches-cbdc-and-stablecoin-issuance-platform/" data-type="URL" data-id="https://crypto.news/ripple-launches-cbdc-and-stablecoin-issuance-platform/" target="_blank" rel="noreferrer noopener">CBDC</a>) platform.</p>



<p>The hope is that Ripple’s CBDC platform could enhance their existing high-volume payments system. This exploration forms part of MinTIC&#8217;s consistent efforts to experiment with blockchain technology.</p>




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<p>Mauricio Lizcano, Colombia&#8217;s Minister of Information Technologies and Communications, shared his optimism about the project. He views the blockchain-based solution as a potential tool to increase efficiency and improve the safety of various institutional processes. </p>



<p>The focus is on the development and application of <a href="https://crypto.news/national-blockchain-technology-innovation-center-begins-operations-in-beijing/" data-type="URL" data-id="https://crypto.news/national-blockchain-technology-innovation-center-begins-operations-in-beijing/">blockchain technology</a> that could enhance operations in a secure and effective way.</p>



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<iframe loading="lazy" title="Colombia’s Central Bank Partners with Ripple to Explore Blockchain Use Cases" width="1020" height="574" src="https://www.youtube.com/embed/iHsiVNYuf2U?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
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<p>James Wallis, Ripple&#8217;s vice president of central bank engagements and CBDCs, echoed this sentiment. He argued that the CBDC platform, which is built on the Ripple ledger (<a href="https://crypto.news/xrpl-welcomes-stably-usd-stablecoin-on-its-platform/" data-type="URL" data-id="https://crypto.news/xrpl-welcomes-stably-usd-stablecoin-on-its-platform/">XRPL</a>), could drive significant progress in the adoption of blockchain technology in the public sector.</p>



<p>Wallis expressed belief in Ripple’s ability to deliver this tech innovation, even as the company continues to grapple with legal issues.</p>




    <p>
        Read more:

        <a href="https://crypto.news/ripples-ceo-sees-release-of-hinman-documents-as-positive/">
            Ripple’s CEO sees release of Hinman documents as positive        </a>
    </p>

Ripple works with Colombia’s central bank for CBDC development

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