First National Land Registry Launches On XRP Blockchain
The Barcelona-based company announced the news in a tweet on July 1, noting that it has been collaborating with the Colombian “Digital Government” initiative and the country’s Ministry of Information Technology and Communication for more than a year.
The project will be utilised by the country’s National Land Agency using XRP Stamp – a blockchain-based initiative that allows digital files and records to be verified and certified on the XRP Ledger (XRPL). The information is then stored on the blockchain. QR codes are used to verify authenticity.
Peersyst Technology expressed gratitude to the Colombian Ministry of Information Technology and Communication, as well as 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, with the majority of the firm’s blockchain-based projects built on the XRP blockchain. In a sense, both companies appear to be identical twins working together to achieve common goals in the blockchain space.
Despite regulatory uncertainty, 80% of Colombians are interested in cryptocurrency
Colombia, a Latin American country, has been slow to adopt Bitcoin and cryptocurrency regulations. Colombia, unlike Argentina, Brazil, and El Salvador, which have defined regulatory premises and created a thriving environment for digital assets, has only recently passed a bill regulating crypto exchanges.
The bill, which was approved by the Colombian Congress early last month, clarified the mode of operation of cryptocurrency exchanges in the country, thereby protecting citizens from the dangers of cryptocurrency Ponzi schemes. The bill is still in its early stages and is expected to go through three more discussions before approval as law.
Nonetheless, the lack of proper regulation has not discouraged Colombians from owning or being interested in cryptocurrency. According to Triple-A data, 6.1% of Colombians owned cryptocurrency in 2021, and 80% of Colombians expressed interest in cryptocurrencies in a survey.