- Ripple has teamed up with Peersyst Technology in a partnership with the Central Bank of Colombia.
- Ripple’s defense strategy gains traction and momentum.
Colombian Central Bank Collaborates with Ripple on Blockchain Initiative
Ripple and Peersyst Technology have joined forces with the Central Bank of Colombia to investigate the practical applications of blockchain technology. The collaboration aims to assess the advantages of utilizing the Ripple CBDC Platform, which leverages the XRPLedger’s core technology, in enhancing high-value payment systems. Peersyst Technology shared the project’s goal of evaluating the potential efficiencies of this solution via a tweet.
This initiative, which is part of the country’s third phase of blockchain experimentation, will be led by the Ministry of Information and Communications Technologies (MinTIC).
The project, supervised by MinTIC’s Directorate of Digital Government, aims to revolutionize payment systems and data management through real-world application experiments. It will focus on educating national and territorial public entities on the potential benefits of blockchain technology, such as its speed, scalability, and transparency.
Within the project, Ripple’s CBDC Platform will be extensively tested in a controlled environment without utilizing public resources. The platform provides an end-to-end solution for central banks.
The Colombian government hopes to evaluate the efficiency gains achieved through blockchain technology implementation. By leveraging this technology, they anticipate significant improvements and complementary processes within entities, along with the ability to simulate various use cases within the high-value payment system.
It is worth noting that this project unfolds amidst Ripple’s ongoing legal dispute with the US Securities and Exchange Commission (SEC). Despite the lawsuit, Ripple’s native token, XRP, has maintained a relatively strong market position, currently trading at $0.46.
Considering Ripple’s collaboration with the Central Bank of Colombia and other adoption initiatives, some experts project that XRP could potentially reach $1 if the legal case resolves favorably for Ripple.
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Ripple’s Defense Strategy Gains Momentum in Legal Battle Against SEC
Renowned attorney Jeremy Hogan, partner at Hogan & Hogan P.A., recently discussed Ripple’s legal battle against the SEC and highlighted a potential turning point. Hogan emphasized the significance of documents related to William Hinman, which could bolster Ripple’s defense strategy.
Hogan pointed out that these emails could portray the SEC as perplexed as Ripple itself, presenting a compelling argument for Ripple’s fair notice defense. He clarified that the defense is not based on ignorance but on the SEC’s inconsistent guidance in the cryptocurrency industry. Hogan stressed the importance of showcasing the SEC’s actions and contradictions in providing guidance and settlements.
Looking ahead, Hogan acknowledged the uncertainty surrounding the potential outcome of the lawsuit, especially in a jury trial. He acknowledged that despite confidence in winning at the SEC level, the unpredictability of a jury trial could sway the results. Hogan also noted that Ripple’s lawsuit comes at a time when the SEC was still grappling with its approach to cryptocurrencies, which could work in Ripple’s favor in front of a jury.