Ripple Partook In New Digital Dollar Initiative To Help Explore Resolutions For U.S CBDC Program

Ripple, and several other companies, including Knox Network, EMTECH, and Digital Asset, will collaborate on the initiative.

Ripple will participate in a newly launched initiative by The Digital Dollar project, a non-profit organization(NGO) to find CBDC(Central Bank Digital Currency) for the United States. The newly launched initiative is coined the Technical Sandbox Program and is likely to occur in October with the feature of cross-border payment as it is the first issue.

In addition to the cross-border financial operations issue, Ripple’s scope is clear, given the specifics. The program will be executed so that participants can propose their ideas and approaches for implementing “state cryptocurrency” in a contest of political and business points of view.

Besides Ripple, several other companies, including Knox Network, EMTECH, and Digital Asset, will collaborate on the initiative. As per The Dollar Digital Project Press release, the collaborative participation of several companies in finding the best approach will help U.S CBDC with various opinions.

It is believed that the procedure of finding a solution will be divided into two different phases, which will help execute the procedure easily and fail. In the first phase, active participants will develop methodological approaches in the CBDC area. And the second phase will include a real use case of the application of “state crypto,” and the impact will be tested on business processes.

Earlier the SEC filed a lawsuit against Ripple in December 2020 over its sale of XRP. It includes that the native token of Ripple Labs XRP was unregistered security offering worth over the U.S. $1.38 billion. In the lawsuit, SEC also mentioned the name of Ripple labs CEO and executive chairman Garlinghouse and Chris Larsen as co-defendants.

The U.S. The Securities and Exchange Commission responded to its lawsuit against Ripple Labs with a brief response in favor of opposing orders requiring the SEC to release a draft of a 2018 speech by the former SEC Director William Hinman.

On August 16, 2022, SEC filed a detailed statement claiming that speech drafts “are not appropriate to any claim or defense in this lawsuit,” and even if they were, the deliberative process privilege highly protects these documents.”

SEC and Ripple Lawsuit Does not Harm the Reputation of Ripple

SEC filed a lawsuit against Ripple two years back, and from December 2020 till date 01th September 2022, the court is not ready with the Judgement on the lawsuit. But the lawsuit did not harm the reputation of Ripple. And recently, Ripple collaborated With several companies and will launch its project in the upcoming months.

According to data from Coinmarketcap, while writing this Article native token of Ripple XRP is trading at $0.3257.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing