Digital Dollar Project is a non-profit group that advocates the creation and use of digital currencies. It has now launched the sandbox program in an effort to get started with the exploration of possible technical implementations. The fintech firm Ripple is among the four participants that are expected to help the Digital Dollar Project “explore technical and business implementation questions.”
Cross-Border payments to the center of attention for inaugural cohort
The Digital Dollar Project (DDP), a nonprofit organization spearheading discussions around the mooted digital version of the U.S. dollar, recently announced the launch of the “technical Sandbox Program to jumpstart further exploration of technical implementations” of the central bank digital currency (CBDC). In a statement, the DDP revealed that the sandbox program is set to start in October “with the inaugural cohort focused on cross-border payments.”
Four organizations, namely Ripple Digital Asset, EMTECH and Knox Networks, will assist the DDP, according to a statement. Participants will have the opportunity to examine real-world technology, and to investigate its possible implications for business strategy as well as operation. Participating in the test run will allow participants to identify possible uses cases.
Explaining her organization’s reasons for launching the sandbox program, Jennifer Lassiter, an executive director with DDP said:
We are now launching our Technical Sandbox Program as the next stage in our efforts to unite both the public and the private sector.[s]In [the]Exploration of the U.S. central bank’s digital currency.
Lassiter suggested that his organization’s partnership with the private sector not only highlights the importance of collaboration but also helps to lay the foundation “for robust pilots that improve the outcomes and usability of CBDCs.”
Identification and testing of specific CBDC use cases Hypotheses
According to the statement, every cohort will consist of two phases: the education phase and the pilot phase. DDP participants and partners will focus on the initial stage, which is about helping them to develop a functional and profitable business. In this stage, the evaluation of design alternatives will take place.
During the pilot phase, the non-profit organization said it will conduct tests to “identify and test specific CBDC use-case hypotheses.” These results will be used to inform both the public and private sector “on how advancing technical solutions can unlock business value in a transformative way.”
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