The Colombian government has launched a national land registry on the XRP blockchain for over 50 million people.

 According to recent reports, the Colombian government is poised to benefit from XRP blockchain technology. Ripple's partner, Peersyst Technology, a software and blockchain development firm, announced the launch of the first National Land Registry on the XRP Ledger (XRPL) for over 50 million Colombians.

Photo by Dmitry Demidko on Unsplash

The XRP Blockchain is used to launch the first national land registry

The Barcelona-based company announced this in a tweet on July 1, noting that it had been working on the project for over a year with Colombia's "Digital Government" initiative and the country's Ministry of Information Technology and Communication.

The National Land Agency will use 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 added to 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 welcoming blockchain technology and for their interest in transparency.

Peersyst has a long history of collaboration with Ripple, with the majority of the firm's blockchain-based projects built on the XRP blockchain. In some ways, both companies appear to be 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 rounds of debate before becoming 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 percent of Colombians owned cryptocurrency in 2021, and 80 percent of Colombians expressed interest in cryptocurrencies in a survey.