The Colombian government is in standing to take advantage of the XRP blockchain technology according to recent reports. Peersyst Technology, Ripple’s partner, also a software and blockchain development firm, revealed it has launched the first National Land Registry on the XRP Ledger (XRPL) for over 50 million Colombians.
First National Land Registry Launches On XRP Blockchain
The Barcelona-based firm revealed this in a tweet on July 1, noting that it had been working on the project with the Colombian “Digital Government” initiative and the country’s Ministry of Information Technology and Communication for over a year now.
The project will be utilized by the country’s National Land Agency using XRP Stamp – a blockchain-based initiative that enables digital files and records to be verified and certified on XRP Ledger (XRPL). The information is then further stored on the blockchain. Authenticity is verified with the use of QR codes.
Peersyst Technology expressed gratitude to the Colombian Ministry of Information Technology and Communication, and Carmen Ligia Valderrama, the minister heading the government agency, for opening the doors of Colombia in an effort to welcome blockchain technology, and also for their interest in transparency.
Peersyst has had a long-lasting partnership with Ripple, with most of the firm’s blockchain-based projects being built on the XRP blockchain. In a way, both firms appear to be twin companies working together to achieve common goals in the blockchain sphere.
Despite regulatory uncertainty, 80% of Colombians show interest in Crypto
The Latin American country of Colombia has been late to the party with regard to Bitcoin and cryptocurrency regulations. Unlike its counterparts such as Argentina, Brazil, and El Salvador which have defined regulatory premises and created a thriving environment for digital assets, Colombia just recently passed a bill regulating crypto exchanges.
The bill which was approved by the Colombian Congress early last month gave clarity on the mode of operation of cryptocurrency exchanges in the country so as to protect citizens from the dangers of Ponzi schemes involving Crypto. The bill is still in its infancy and is expected to pass three more discussions before approval as law.
Nonetheless, the lack of proper regulation has not deterred Colombians from owning or showing interest in crypto. Per data from Triple-A, 6.1% of the Colombian population owned crypto in 2021 and 80% of Colombians showed interest in cryptocurrencies in the survey conducted.