I love when a plan goes off without a hitch – Whoops ! Actually no. Ripple will not be able to place this famous punchline. In any case, not for the moment! His real estate tokenization project is set aside.
180 degree turn for the government
The basic idea is good. Tokenize Colombian real estate in order to facilitate transactions, authenticate sales in a safe and transparent manner and above all allow a real monitoring of title deedssomething that sins enormously in Colombia.
Ripple Labs had therefore validated a partnership with the Colombian government so that, little by little, land titles are stored on the blockchain. But that was before…
Because the project, prepared with the Ministry of Technology and Information of Colombia, was announced in full electoral phase. And this validation, proclaimed only two weeks before the appointment of the president, is now set aside.
Since the former government was not re-elected, the new president Gustavo Petro decided that this project was not a priority.
“This is not one of the projects defined in the PETI [Plan Stratégique des Technologies de l’Information] “.
Juan Manuel Noruega Martínez, Acting Director of the Colombian National Land Agency
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The Ripple blockchain to authenticate real estate
Born from a rather catastrophic observation, the idea of this tokenization would bring a lot to the country. At present, it is difficult to have real estate appraised, and especially to validate their possession, especially for farmers. This does not encourage them to invest in new land, or to use it as collateral when applying for a loan to improve their farms. The State therefore loses the opportunity to set up loans, and above all to improve the standard of living of its population.
Ripple didn’t happen not (yet) expressed on the subject. The project is not cancelled, especially since Gustavo Petro is known to be rather “for” cryptocurrencies. But no date has been set for a future implementation. However, the team must have a hard time digesting this announcement. She has been working on the subject for more than a year and officially announced her validation in July 2022.
Ripple Labs must certainly work twice as hard now to persuade the new government to complete the implementation of tokenization and monitoring on the blockchain. In addition to helping the country, this project could give a boost to Ripple and its ” famous “ token, the XRP.
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