Ripple Stopped in Its Tracks – There will be no real estate on the blockchain in Colombia

I love it when a plan goes smoothly – Oops! Not right now. Rippling won’t be able to place this famous punchline. No way, not yet! His real estate tokenization project Yippee set aside.

A 180 degree turn of the government

The basic idea is good. Tokenize Colombian real estate to facilitate transactions, verify sale in a safe and transparent manner and above all enables a real tracking of title deedssomething that is extremely wrong in Colombia.

Ripple Labs therefore, it has confirmed a partnership with the Colombian government, so that land titles are gradually stored on the blockchain. But it was before

Because the project, prepared with the Ministry of Technology and Information of Colombia, was announced in full electoral phase. And that confirmation, announced just two weeks before the president’s appointment, is now on hold.

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 petition agreement [Plan Stratégique des Technologies de l’Information] “.

Juan Manuel Noruega Martínez, Acting Director of the Colombian National Land Agency

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Blockchain Ripple for real estate verification

Born out of a somewhat disastrous observation, the idea of ​​this tokenization would do a lot for the country. Currently, it is especially difficult for farmers to have real estate appraised, and especially to verify their ownership. This does not force them to invest in new land or use it as collateral when applying for a loan to improve their farms. The state thus loses the possibility to establish loans and above all to improve the standard of living of its inhabitants.

Rippling didn’t happen not expressed (yet). on topic. The project is not cancelled, especially since Gustavo Petro is known to be rather “for” cryptocurrencies. However, no future implementation date has been set. However, the team is having a hard time digesting this announcement. It has been working on this topic for over a year and officially announced its validation in July 2022.

Ripple Labs now they have to work twice as hard convince the new government 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 XRP.

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