The Colombian government has integrated a digital language registry system built on Ripple’s XRPL into the National Land Authority. The solution was built in a year by the joint effort of Ripple and Barcelona-based partner Peersyst Technology.
The solution will allow digital assets to be registered on the XRPL blockchain. It is estimated that the system is capable of registering more than 100,000 contracts in the near future, the uploaded content will be authenticated via QR code.
Colombia has one of the highest crypto adoption rates in the world. High inflation in the country is one of the main factors driving Colombians towards cryptocurrencies.
Based on data from April 2022, Colombia is ranked as the 15th highest inflation country with an inflation rate of up to 8.01%. Cryptocurrency users make up 6.14% of the entire population, equivalent to 3.1 million Colombians.
According to Gemini’s 2022 global report, 56% of Colombians think crypto is the future of money. The country also has a significant amount of female investors in the market. On the other hand, a survey from March 2022 revealed that Colombia also has a positive view of the metaverse. At the end of 2021, Gemini also offered Bitcoin (BTC) trading to Colombia’s largest bank.
Legally, Colombia also owns cryptocurrency exchanges in partnership with mainstream banks in the country. The government authorized alliances between banks and exchanges in February 2021. Since then, more than 10 partnerships have been established, and an extensive network of Bitcoin ATMs has also flourished here.
While most crypto companies struggle due to market conditions, Ripple remains an exception. Ripple CEO Brad Garlinghouse stated that Ripple will be more aggressive on its merger and acquisition (M&A) strategy in the meantime.