- Ripple Labs and the Colombian Government’s joint project to tokenize Colombian land is halted by the new government.
- Colombia’s Ministry of Information Technology & Communication reached out to Ripple wanting to authenticate Colombian property tiles on the XRP Ledger.
- The newly elected government headed by Gustavo Petro said the project is not part of the new administration’s 2022 strategic priorities.
The Colombian government and Ripple Lab’s partnership to store and authenticate Colombian property tiles on the XRP blockchain ledger is paused by the newly elected administration, headed by President Gustavo Petro.
The project, initially a collaboration between Ripple Labs and the nation’s Ministry of Information Technology & Communication, is being “deprioritized” by the newly elected government since it is not part of the administration’s 2022 strategic priorities, as reported by Forbes.
National Lands Agency’s Interim Director, Juan Manuel Noruega Martínez, stated:
This isn’t one of the projects defined in the PETI [Strategic Plan for Information Technologies]
However, the newly elected Colombian president is considered to be a crypto enthusiast, assuming from his previously shared tweets and posts on social media. Hence, this shift is quite a shock to the crypto community in Colombia.
The project was also in partnership with the software development company Peersyst Technology in an effort to tokenize real estate to enhance property search operations, build transparent and affordable property title management and improve financial and payment processes.
In a 2013 report by a local news outlet in Colombia, only one in every two farmers in the country share formal rights to their own land. This disadvantage prevents farmers from investing in lands and utilizing them as collateral for credit. To solve this issue, in the 2016 peace agreement, small and medium rural property tiles were agreed to be formalized to enable security to landowners.
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