SAN FRANCISCO—Ripple has announced it is planning to take part in a new initiative from The Digital Dollar Project, a nonprofit organization, to find central bank digital currency (CBDC) solutions for the United States.
The new initiative, called the Technical Sandbox Program, will be launched in October, with cross-border payments the first issue on the agenda.
“In addition to the issue of cross-border operations…the program plans to be a place where its participants can propose approaches to the implementation of state cryptocurrency from the technological, business and political points of view,” U Today reported.
In addition to Ripple, other companies planning to participate in the initiative include Knox Networks, EMTECH, and Digital Asset.
According to a press release from The Dollar Digital Project, the “participation of a diverse set of companies will ensure a variety of opinions in approaches to finding solutions for the U.S. CBDC.”
“It is assumed that the process of finding solutions will be divided into two phases. During the first phase, participants will develop methodological approaches in the CBDC area,” U Today reported. “During the second pilot phase, real use case applications of ‘state cryptocurrencies’ and their impact on business processes will be tested.”
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