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US Digital Dollar Project launch Technical Sandbox Program to Explore CBDC

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Indrani bose Follow

INDIA

Sep, 01 2022

Sep, 01 2022

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A technical sandbox program will be launched by the U.S. Digital Dollar Project in collaboration with Ripple and a few other digital asset companies to further research technical implementations of a U.S. central bank digital currency (CBDC).  


The primary focus of cross border payment of the program when it launches in early October, the non-profit organization stated on Wednesday.? There will be two phases in the DDP Technical Sandbox Program, a pilot phase, and an education phase. After the research is completed, it will be shared and used to inform private and public sector stakeholders about how technical solutions can unlock transformative business value.  


The Digital Dollar Project, a nonprofit organization, was established to promote the study and open discourse on the possible benefits and difficulties of a U.S. CBDC, or "digital dollar." In order to improve the efficiency of monetary policy and financial stability, the DDP will identify potential CBDC solutions. These solutions will also provide the necessary scalability, security, and privacy for retail, wholesale, and international payments use cases and to giving the federal government, policymakers, and private sector organizations a stronger, clearer picture of what implementing a CBDC in the U.S. would look like. 


The DDP partners and participants will gain a business and functional understanding of the technology through the Technical Sandbox Program's education phase, and they will assess the variations in potential design options. In order to acquire information on the effects on business-level operations, the DDP partners and participants will identify and test particular CBDC use-case hypotheses throughout the pilot phase. The information acquired will be widely disseminated and utilized to enlighten stakeholders in the public and private sectors about how developing technology solutions can transformally uncover business value. 


The Digital Dollar Foundation, a public education and advocacy organization, and information technology consulting firm Accenture founded the Digital Dollar Project. One of the biggest U.S. financial service companies, the Depository Trust and Clearing Corporation, teamed up with the Digital Dollar Project in April and began "Project Lithium" to test CBDC infrastructure. The development of a prospective U.S. nuclear weapon was given "highest urgency" by an executive order that U.S. President Joe Biden signed in March. CBDC. 

 


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Indrani bose

CBW - External Analyst

INDIA

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