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The Relationship between the Central Bank of Uruguay and Ripple

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In the XRP community, a document from the Central Bank of Uruguay, which is called Ripple seven times, is currently causing a stir. The document dates back to March 7, 2022, but it was reported that it was published less than a week ago on the website of the Central Bank of Uruguay (BCU), where it is still being viewed. First, XRP community member Rafael Aguiar Menéndez from Uruguay reported the story, which was later shared by Edo Farina, president of the Alpha Lions Academy.

The full functionality of Ripple is still unclear. However, the document reveals that the Central Bank has registered Ripple’s partner LATAM SOFTWARE S.A.S. as a “money transfer company” and is authorized to transfer services directly to Ripple.

As a result of the investigation of the Superintendence of Financial Services of BCU, signed by Patricia Fabiana Tudisco Basignani, it said:

LATAM SOFTWARE S.A.S. have provided all the information required by the applicable law, for the purpose of the requested registration as a money transfer company. That, on the other hand, it has provided the information and documents required by the current laws regarding the outsourcing of work, including the updated operational performance plan, the agreements signed with Mati Technologies, Inc. and Ripple Services, Inc. and the AWS User Agreement Template from Amazon Web Services, Inc.

The document shows that the Mexican company Mati Technologies meets the requirements of the technology provider used for the customer registration process (KYC). BCU authorizes LATAM SOFTWARE S.A.S to use the RippleNet platform based on its agreement with Ripple Services Inc. Its purpose is described as the exchange of information between recorders:

And the requirements to authorize companies to contract Ripple Services, Inc. for the use of RippleNet platform used for the exchange of information between information providers, and subcontracting with the provider Amazon Web Services (AWS) for the reception of information in the cloud on servers in London, England, in under the Ripple Hosted Services Master Agreement. Signed and approved on March 12, 2021.

In addition, the document also states that BCU licensed LATAM SOFTWARE S.A.S. transferring the service to Ripple Services, Inc. according to the Ripple Master Hosted Services Agreement signed on “03.12.2021”.

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What Does it Mean for Ripple? Uruguay

Now, it is only possible to speculate on its meaning. However, the famous XRP member Wrathof Kahnemann explained; “In a little more detail, it looks like they will plan to join Ripple for information/data only, not ODL.”

Menéndez added when asked whether the Bank of Uruguay uses traditional settlement channels or XRP-based technology, “As explained above, it seems that BCU has authorized the use of Ripple services in LATAM Software S.A., I wrote to information. The President and CEO of BCU on LinkedIn but has yet to receive a response.

Notably, Uruguay was the first country to conduct a full pilot program with CBDC (e-peso) in November 2017, but using a private payment system instead of blockchain. Despite the success of the pilot, the country has not yet announced any plans to launch a CBDC. In this section, Menéndez shared a report on the payment method for the period 2023-2025.

According to the November 2022 presentation, the Central Bank of Uruguay “intends to take the lead in creating the right conditions for the introduction of new products or technologies that contribute to the new development of the national payment system, improve efficiency and access him, promising to continue his work.

This program will continue over the next two years including milestones such as completing the implementation of a comprehensive 24/7 clearing system and promoting the implementation of a fast payment system.

At press time, the price of XRP stood at $0.3857, up 0.4% over the past 24 hours.

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