Digital Dollar Project Launches Technical Sandbox to Explore CBDC Solutions

of Digital Dollar Project (DDP) has announced a sandbox program to facilitate further investigation of the technical implementation of the US Central Bank Digital Currency (CBDC).

The Digital Dollar Project is a non-profit organization established to foster research and public debate on the potential benefits and challenges of “digital dollar.”

Its “Technical Sandbox Program” is expected to launch in early October with the first cohort focused on cross-border payments. It will serve as a joint space for DDP participants and financial service providers to evaluate his technical, business and policy approach to CBDC.

Participants will explore real-world technologies, explore their potential impact on business strategy and operations, and experiment to uncover possible use-case-specific solutions.

next step

Jennifer Lassiter Executive Director of The Digital Dollar Project said:

“When trying to answer important questions about how technology works, the problems we want to solve, and the ultimate business and personal outcomes we want to achieve, we bring together diverse perspectives and expertise. We understand how important integration is. The integration of these sectors in our cooperation is essential and will lay the groundwork for a robust pilot that will improve CBDC outcomes and usability.”

two-step approach

Each cohort of the program will consist of two phases: an education phase and a pilot phase. Through the educational phase, partners and participants develop a better understanding of the technology’s business and capabilities, and evaluate the differences in possible design choices. In the pilot phase, DDP partners and participants will identify and test specific her CBDC use case hypotheses with the aim of gathering data on business-level impact.

The results collected will be shared broadly and used to inform stakeholders in both the private and public sectors how advanced technology solutions can unlock business value in innovative ways. .

digital dollar project “We are excited to bring together a wide range of industry and technology experts to define the desired outcome and explore a wide range of technology design options related to CBDCs in the United States,” Lassiter continues. “The results will focus on answering key questions about the potential U.S. dollar digital dollar impact.”

The DDP will give the federal government, policymakers, and private sector organizations a stronger and clearer picture of what CBDC implementation in the United States will look like, and what the deployment will mean for retail overall. We are working to answer an important question: wholesale, and international use cases.

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