The new government is putting other priorities first; thus, a cooperative effort to permanently authenticate and store Colombian property titles on the XRP Ledger appears to be on hold.
After the initiative was “deprioritized” by the new administration, a collaboration between the Colombian government and Ripple Laboratories to put title deeds on the blockchain appears to have ended.
Just 2 weeks before newly elected president Gustavo Petro took the oath of office, the Department of Information Technology and Communications of the departing administration first announced the project.
According to a Forbes article published on Wednesday, Juan Manuel Noruega Martnez, the National Lands Agency’s temporary director, stated that the project is not one of the organization’s strategic priorities for 2022.
Ripple Planning To Tokenize Colombian Land Stalls:
The change is quite unexpected given that Colombia’s new president is reputed to be sympathetic toward cryptocurrencies and has already expressed his support for them.
The partnership, which included the National Land Agency of Colombia, Ripple, and the software development company Peersyst Technology, sought to tokenize real estate on the blockchain to streamline financing and payment processing, create transparent and affordable property title management, and enhance property search procedures.
An order to establish title deeds of Ripple for small and medium-sized rural properties was included in the 2016 peace agreement that formally ended the Colombian conflict. Only one out of every two small farmers, according to a 2013 survey, possesses formal land rights.
Farmers are discouraged from making land investments due to the lack of formality, and land cannot be used as security for loans. By offering landowners security and a reason to make improvements to their property, a blockchain ledger for real estate aims to address this problem.
According to a tweet from Peersyst Technology, the registry was made public on July 1, following a year of development.