The US government has ordered a study on the cryptocurrency dollar

A US think tank has announced the launch of a study on the cryptocurrency dollar — the Digital Dollar Project program aims to provide the government with data on the benefits of a state-owned cryptocurrency.

As it became known, the researchers of the Digital Dollar Project program will study the technical and business implementation of the Central Bank’s digital currency (CBDC) in the United States. Among the participants of the Digital Dollar Project are such companies as Ripple, Knox, and Digital Asset. According to the authors of the project, researchers will find out the potential risks and possible consequences of the digital currency launch for retail, wholesale trade, and cross-border payments.

At the time of writing, it is known that the program will start in October and will focus on cross-border payments. The authors of the project plan to launch two stages of the Digital Dollar Project: educational and pilot. At the first stage, the think tank will study CBDC technology from a functional and business perspective. The second stage will be devoted to identifying and testing specific CBDC applications.

Interestingly, while the United States is only planning to study the feasibility of introducing a cryptocurrency dollar, China is already actively implementing plans to expand the use of its national digital currency — CBDC is already used to pay for public transportation.