Ripple Joins New Digital Dollar Initiative for U.S. CBDC Program

August 31, 2022 3:48 pm

It has been revealed that Ripple will be participating in a new initiative called the Digital Dollar Project which is a non-profit organization that is focused on finding CBDC solutions for the US.

Ripple is known as one of the only blockchain platforms that is able to provide CBDC solutions so it would make sense that Ripple is involved in such an initiative.

The initiative will planned to be launched sometime in October with the plan of enabling cross-border payments.

The use of “state” cryptocurrency would be thoroughly tested here and will attempt to satisfy many use cases from different areas such as technology, business, and politics.

Other companies will also join in the initiative in the hopes of being able to create this digital dollar.

U.today reports:

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.

Ripple has also had past consulting roles when it comes to companies or governments seeking advice on the implementation of central bank digital currencies (CBDCs).

The company continued to be a major focal point due to high business demand even as it was in the middle of a lawsuit with the SEC within the United States.

So far, it seems that the SEC is not making any progress against Ripple and speculators are predicting that a settlement may be a likely outcome.

With Ripple now getting involved in the Digital Dollar Project, it is clear that Ripple will continue to grow organically with or without regulatory support.

U.today concludes:

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.

https://twitter.com/DigPerspectives/status/1565005289144963073

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