Ripple Secures Agreement For Colombian Government To Use XRP Ledger In Land Registry System

The Colombian government and payments company Ripple have agreed to integrate the XRP Ledger (XRPL) in the country’s land register system.

The first-ever government land registration has been launched on top of XRPL, according to cryptocurrency software development company Peersyst Technology.

“Thrilled to announce that after a year of development with GobDigitalCO [and] Ministerio TIC, we launched the first National Land Registry on top of XRP Ledger. Main blockchain for all Colombians!”

Colombia’s land agency can now access the Ripple – XRP Ledger

The firm says Colombia’s land agency can now access the XRPL as well as register digital assets on its ledger and verify their authenticity via a QR code.

“The solution has been implemented for AgenciaTierras is based on xrpstam.com which allows to register digital assets on XRPL and verify their authenticity with QR code. The solution will register +100,000 adjudications in a short term to guarantee confidence for Colombia.”

Ripple’s chief technology officer David Schwartz tells his 371,000 Twitter followers that the development team recently released a new upgrade that improves the scalability of access to XRPL data.

According to RippleX, the Clio upgrade for XRPL will enhance throughput for application programming interface (API), reduce memory storage, lower storage overhead, and enable easier horizontal scaling.

80% of Colombians are interested in cryptocurrencies

Colombia, a nation in Latin America, has been slow to adopt legislation for cryptocurrencies like Bitcoin. Colombia only recently enacted a statute governing cryptocurrency exchanges, unlike its rivals Argentina, Brazil, and El Salvador, who have established regulatory frameworks and fostered a vibrant market for digital assets.

In order to safeguard citizens from the risks of cryptocurrency-related Ponzi schemes, the bill that was enacted by the Colombian Congress early last month provided clarification on the mode of operation of cryptocurrency exchanges in the nation. The bill is still in its early stages and will likely go through three more conversations before becoming law.

The absence of adequate regulation hasn’t stopped Colombians from owning or exhibiting interest in cryptocurrencies, though. According to research from Triple-A, 80 percent of Colombians expressed interest in cryptocurrencies during the study, and 6.1% of the country’s population was estimated to have cryptocurrency ownership in 2021.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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