PANews reported on May 22, according to Bitcoin.com, that Maghnus Mareneck, co-CEO of Interchain Labs, revealed that the Colombian government will test an undisclosed central bank digital currency (CBDC) on the Cosmos network. With this announcement, this new CBDC has just come to light, and Colombia aims to leverage it for cross-border payments.
Colombia has become the latest country in Latin America to join the exploration of CBDCs. Mareneck stated that they are collaborating with the banking alliance and the Colombian government to conduct a pilot project. Although details have not been disclosed, it is clear that the currency focuses on cross-border payment scenarios and will operate based on the Cosmos network using IBC Eureka technology. Mareneck emphasized that the relevant technology stack allows the Colombian government to utilize it privately, without relying on public infrastructure, which is significant for ensuring system security. This CBDC adopts private and permissioned validation nodes, and subsequently, the government can introduce more nodes such as banks to expand the network.
