Ripple has stopped – In Colombia, the real estate sector will not be on the blockchain

I love when a plan goes well – Oops! 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 securely and transparently and above all enable real monitoring of property deedssomething that lacks enormously in Colombia.

Ripple Labs had therefore validated a partnership with the Colombian government so that, little by little, the land titles are stored on the blockchain. But that was before …

Because the project, prepared with the Colombian Ministry of Technology and Information, was announced in full electoral phase. And this validation, proclaimed just two weeks before the president was appointed, is now shelved.

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, interim director of the Colombian National Land Agency

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Ripple’s blockchain to authenticate properties

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 properties valued, and above all to validate ownership, 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 initiate loans, and above all to improve the standard of living of its population.

Ripple it didn’t happen not (yet) expressed about this. The project is not canceled, especially since then Gustavo Petro is known to be pretty “for” cryptocurrencies. But no date has been set for a future implementation. However, the team must have a hard time digesting this announcement. It has been working on the subject for more than a year and officially announced its validation in July 2022.

Ripple Labs he certainly has to work twice as hard now convince 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 people “famous” sign, the XRP.

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