EMTECH A cutting-edge digital currency platform provider is gearing up to take part in the latest Technical Sandbox Program, an innovative initiative spearheaded by The Digital Dollar Project an organization committed to exploring the possibilities of a Central Bank Digital Currency (CBDC) within the United States.
A Digital Dollar?
Set to kick off in October, the Technical Sandbox Program will receive strategic input from four key tech players: EMTECH, Knox Networks, Ripple, and Digital Asset. EMTECH will bring its edge in cross-border payments, along with a CBDC platform that's API-first, energy-efficient, and based on distributed ledger technology.
Cross-border payment systems have taken center stage in this initiative. Tabor Wells, EMTECH's CTO, commented, 'The current landscape for international transactions is a tangled web that financial firms find hard to traverse. EMTECH’s CBDC platform is charting a new course with its API-focused strategy and state-of-the-art DLT to join the Technical Sandbox Program.'
Apart from cross-border payments This endeavor aims to dig deep into the technical aspects of a CBDC, exploring an array of design possibilities, assessing potential advantages and disadvantages, and various applications of CBDCs.
New Money is Here
Alongside EMTECH, participants such as Knox Networks, Ripple and Digital Asset are eager to push forward research into the retail, wholesale, and international dimensions of Central Bank Digital Currencies.
The Dollar Digital Project is counting on a mixture of perspectives to drive the creation of an efficient and balanced solution.
The approach likely spans two main phases. Initially, participants will brainstorm pioneering solutions of doing things in the CBDC area .
During the next phase of testing, real-world usage of a 'state-backed cryptocurrency' and its impact on business operations will be scrutinized.
As the crypto universe evolves and takes shape, new trends and breakthroughs are jostling for prominence, though the lack of regulation leaves the door open for cyber threats.
In a bid to shut down these gaps exploited by fraudsters and tax evaders, the US launched an executive order related to cryptocurrencies.
In March 2022, President Biden enacted Executive Order 14067, a directive focused on leveling up the security of digital financial assets.
Executive Order 14067, titled 'Ensuring Responsible Development of Digital Assets,' due to take effect on December 13th, tasks federal bodies with evaluating existing digital asset guidelines and proposing policy shifts.
A pivotal element of EO 14067 is the potential roll-out of a digital dollar, which, unlike the volatility of traditional crypto, will be underpinned by U.S. financial reserves, aiming for greater stability.
Nevertheless, this move has ignited a fiery debate. Backers argue the order is designed to shield consumers and banks as digital money and assets such as NFTs becomes increasingly integrated into the financial framework.
We Aren’t Dead Yet
Dissidents however, view the order as a potential threat to personal privacy...
Robert Kiyosaki where the famous author and entrepreneur, James Rickards debated the order on a podcast, branding it 'spyware.'
Author of 'Rich Dad, Poor Dad' expressed concerns that by Executive Order 14067, the US dollar could be phased out in favor of a programmable digital token.
The reimagined financial system might exercise sweeping control over American lives, akin to having surveillance tech embedded in your bank account.
Rickards James Rickards echoed the sentiment, raising alarms about the EO allowing scrutiny of every transaction and possibly limiting certain purchases.
The notion of government oversight, total economic control, and influence over consumer spending linked to a new U.S. currency has stirred public speculation.
While the aim is also to tackle remaining challenges in the payment ecosystem, it's premature to assert whether the outcomes might veer onto dark paths as some fear.
