To use the XRP ledger blockchain technology, the Colombian government established a partnership with San Francisco-based Fintech firm, Ripple.
Ripple is a San Francisco-based Fintech company. This company is a leading payment services provider company, which uses blockchain technology to bring payment facilities across the world. The whole payment system of Ripple is based on Ripple’s XRP token liquidity use under a decentralized medium but still company facing legal hurdles because of a lawsuit from the US Securities body against the XRP token about its nature.
Persist Technology, the Crypto software development company, announced the launch of the first-ever government land registry on top of Ripple’s XRPL.
“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!”
The software development company stated that Colombia’s land agency can use the XRPL and also can register digital assets on the XRP ledger and verify their authenticity via a QR code.
Just a few days ago, David Schwartz, Chief technical officer of Ripple, shared about latest development & upgrade regarding the Introduction of better efficiency in the XRP ledger blockchain to access the XRPL data with high scalability
Ripple vs SEC
In December 2020, The US Securities and Exchange Commission (SEC) filed a lawsuit against the Ripple firm and claimed that Ripple’s XRP token is a security, which is unregistered with the SEC agency.
This lawsuit is still going on. However, the majority of the facts are in favor of the Ripple firm but still Ripple is ready to expand its business outside of the US, in case of lose the XRP lawsuit.
Such types of legal hurdles are surely hurting the business operations of crypto companies but here we can expect that the future will be something different, where crypto companies will be allowed to evolve under highly precise rules and regulations.