Recent reports indicate that the Colombian government is prepared to take use of the XRP blockchain technology. Ripple’s software and blockchain development partner, Peersyst Technology, has announced the opening of the first National Land Registry on the XRP Ledger (XRPL) for over 50 million Colombians.
The Barcelona-based company announced the news in a tweet on July 1, saying that it has been collaborating with the Colombian “Digital Government” program and the country’s Ministry of Information Technology and Communication for more than a year.
The country’s National Land Agency will deploy XRP Stamp – a blockchain effort that allows digital files and documents to be validated and authenticated on XRP Ledger – for the project (XRPL). The information is subsequently added to the distributed ledger. QR codes are used to confirm authenticity.
Peersyst Technology thanked the Colombian Ministry of Information Technology and Communication and Carmen Ligia Valderrama, the minister in charge of the government agency, for opening the doors to blockchain technology in Colombia and for their interest in transparency.
Peersyst has a long-standing relationship with Ripple, and the majority of its blockchain-based initiatives are built on the XRP platform. In a sense, both organisations seem to be identical twins collaborating in the blockchain industry to pursue similar objectives.
Regarding Bitcoin and cryptocurrency rules, Colombia has lagged behind other nations in Latin America. In contrast to its peers like as Argentina, Brazil, and El Salvador, who have established regulatory tenets and built a vibrant climate for digital assets, Colombia has just recently enacted a statute governing crypto exchanges.
The measure enacted by the Colombian Congress at the beginning of last month clarified the mode of operation of cryptocurrency exchanges in the nation in order to safeguard residents from the hazards of Crypto-based Ponzi schemes. The measure is still in its infancy and is anticipated to undergo three more rounds of deliberation before becoming law.
However, the absence of effective regulation has not dissuaded Colombians from acquiring or displaying interest in cryptocurrencies. According to research from Triple-A, 6.1% of the Colombian population held cryptocurrencies in 2021, while 80% of Colombians surveyed expressed interest in cryptocurrencies.
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