PANews reported on May 22 that according to Bitcoin.com, Interchain Labs co-CEO Maghnus Mareneck revealed that the Colombian government will test an unannounced central bank digital currency (CBDC) on the Cosmos network. With the announcement of this news, this new CBDC has just surfaced, and Colombia aims to use it to achieve cross-border payments.

Colombia has become the latest country in Latin America to join the CBDC exploration. Mareneck said that they are working with the Banking Union and the Colombian government to conduct a pilot. Although no details were disclosed, it is clear that the currency focuses on cross-border payment scenarios and will be based on the Cosmos network and run using IBC Eureka technology. Mareneck emphasized that the relevant technology stack allows the Colombian government to use it privately without relying on public infrastructure, which is of great significance to ensure the security of the system. The CBDC uses private and licensed verification nodes, and the government can subsequently introduce more nodes such as banks to expand the network.