Colombia plans to test CBDC on the Cosmos network for cross-border payments

ChainCatcher news, according to Bitcoin.com, Interchain Labs co-CEO Maghnus Mareneck revealed that the Colombian government will test an undisclosed central bank digital currency (CBDC) on the Cosmos network.

Mareneck stated that they are working with a banking alliance and the Colombian government on a pilot project. Although details were not disclosed, it was made clear that the currency focuses on cross-border payment scenarios, will be based on the Cosmos network, and will utilize IBC Eureka technology to operate. This CBDC will use private and permissioned validator nodes, and the government can later introduce more nodes, such as banks, to expand the network.