Ripple’s plan to tokenize Colombian land is stalled in the face of a new administration

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Last Updated on September 1, 2022 by Bitfinsider

The Colombian government’s collaboration with Ripple Labs to put land titles on the blockchain appears to have stalled after the project was “deprioritized” by the new administration.

The project was first announced by the outgoing government’s Ministry of Information Technology and Communications, just two weeks before newly elected President Gustavo Petro took office.

The shift is surprising given that Colombia’s new president is thought to be pro-cryptocurrencies and has previously tweeted his support for them.

Colombia’s National Land Agency, Ripple, and software development firm Peersyst Technology collaborated to tokenize real estate on the blockchain in order to improve property search processes, create transparent and cheaper property title management, and more efficient financing and payment processing.

A directive to formalize property titles for small and medium rural properties was included in the 2016 peace agreement that officially marked the end of Colombia’s conflict. According to a 2013 report, only one out of every two small farmers has formal land rights.

This lack of formality discourages farmers from investing in land and prevents land from being used as collateral for credit. A blockchain ledger for real estate was created to address this issue by giving landowners security and an incentive to invest in their property.

According to Peersyst Technology, the registry was launched on July 1 after a year of development.

On July 30, Peersyst tweeted that the first deed had been added to the ledger, with the land certificate resembling any other except for the QR code embedded in it, which verifies the certificate on the blockchain. Anyone can use the QR code to locate the property deed on the XRP blockchain.


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Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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