Ripple Joins New Digital Dollar Initiative to Help Explore Solutions for U.S. CBDC Program

Wed, 08/31/2022 - 14:56
Gamza Khanzadaev
Ripple to help explore solutions for U.S. CBDC amid ongoing litigation against SEC
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Ripple will participate in a new initiative from The Digital Dollar Project, a nonprofit organization, to find 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, where given the specifics of Ripple, the scope of the company's expertise is clear, 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.

In addition to Ripple, such companies as Knox Networks, EMTECH, and Digital Asset will also participate in the initiative. 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. During the second pilot phase, real use case applications of "state cryptocurrencies" and their impact on business processes will be tested.

SEC lawsuit did not affect Ripple's reputation much

Despite the extremely aggravated long court battle between Ripple and the SEC, the lawsuit against the company does not seem to have affected the company's reputation at all.

Ripple's expertise and technology in crypto business solutions, whether it is cross-border payments or liquidity provision, are still highly valued by its old partners and remain of strong interest to new ones.

It is funny that the company will now work on the digital currency of a country where it is being prosecuted.

About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.