Ripple Will Participate in Digital Dollar Studies
The US-based project The Digital Dollar Project has announced that it will work with Ripple to further examine the US Federal Reserve Digital Currency and launch a technical virtual program. The first item of the new initiative called Technical Sandbox, in which The Digital Dollar Project and Ripple will participate, was determined as cross-border payments. It is also reported that the works will start in October. The program, called Technical Sandbox, will consist of two phases. The first of these stages was determined as the training stage and the other as the pilot stage. Progress made after the works have started will be shared with private and public sector stakeholders later on.
Why Ripple While SEC Litigation Continues?
Ripple’s participation in the digital dollar program is a positive development for Ripple, but the choice of Ripple for the digital dollar, while the long-standing lawsuit between Ripple and the SEC has not yet been concluded, was a bit confusing. So why is it collaborating with Ripple on the digital dollar project despite the SEC lawsuit? One of the biggest reasons why Ripple was chosen for this project is definitely cross-border operations, which is the company’s area of expertise. The fact that the Digital Dollar Project institution, which is the head of the digital dollar project, is not directly connected with the state, actually eliminates the confusion about why Ripple was chosen.
How About the SEC Litigation?
Upon the SEC’s continuous postponement of the case, company executives by Ripple made harsh statements and demanded that the case be clarified as soon as possible, but the SEC’s final postponement request was accepted by the company. Later, Jeremy Hogan, the lawyer of the Ripple company, shared a document on Twitter, suggesting that the case could be concluded by November of this year. The litigation process is still ongoing.
Who Else Is The Project Working With?
The Digital Dollar Project had partnered with the Depository Trust and Clearing Corporation, one of the largest financial services provider companies in the US, in April, before announcing its partnership with Ripple. As part of this partnership, a project called Project Lithium was launched to test the digital dollar infrastructure.
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