The Digital Dollar Project (DDP), a collaboration between Accenture and the Digital Dollar Foundation, has announced the launch of its Technical Sandbox Program which will accelerate the development and adoption of a United States Central Bank Digital Currency (CBDC).
The Technical Sandbox Program will explore various options including analyzing the technicality of implementing the CBDC.
According to the announcement, the program is scheduled to kick off in October. The inauguration team has its focus manned on cross-border payment to advance financial systems. It also plans to explore several aspects of the digital asset including the technological, business, and policy solutions for a digital dollar.
Both private and public entities will be involved in this CBDC infrastructure evaluation and analysis.
The nonprofit organization DDP which advocates for a U.S. central bank digital currency plans to work with crypto platforms like Digital Asset and Ripple to explore technical and policy aspects of a digital dollar. Other initial participants include EMTECH and Knox Networks.
Technical Sandbox Program Happens in Phases
It will be a partnership between DDP and financial institutions on a neutral platform to evaluate the CBDC development.
Part of the responsibility of the participant would be to analyse real-world technology, while also exploring the potential implications of the digital dollar to business strategies and operations. Furthermore, experiments to uncover possible use-case specific solutions will be carried out by the DDP participants.
The executive director of The Digital Dollar Project Jennifer Lassiter attested that “the launch of our Technical Sandbox Program marks the next step in our effort to convene the private and public sector in exploration of a central bank digital currency in the U.S.
“We understand how important it is to include a diverse set of views and expertise as we look to answer key questions about how the technology could work, the problems we hope to solve, and the ultimate business and individual outcomes we want to achieve. The marriage of these sectors in our collaboration is essential and will lay the foundation for robust pilots that improve the outcomes and usability of CBDCs”
The program will be divided into cohorts and each cohort will undergo two phases: the education phase and a pilot phase.
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