BoG Sandbox Program: EMTECH to pilot “digital dollar”
EMTECH, a first-of-its-kind central banking infrastructure provider, announces it will take part in the recently announced Technical Sandbox Program by The Digital Dollar Project to explore the new possibilities of a U.S. CBDC “Digital Dollar”.
As one of the 4 announced technical vendors, EMTECH will bring its unique API-First and Energy Efficient CBDC Platform to test various use cases for cross-border payments.
The firm is joining a high-profile group of former U.S. regulators and financial services experts. This initiative “marks the next step in our effort to convene the private and public sector in a symbiotic exploration of a central bank digital currency in the U.S.” said Jennifer Lassiter, executive director of The Digital Dollar Project.
EMTECH’s Founder and CEO is a former Global Business and Finance Leader at IBM. In 2021, she was invited by the U.S. Congressional Financial Services Committee to testify on whether the U.S. dollar should be digital. A market leader in central banking infrastructure, EMTECH’s mission is to leverage technology to enable access to inclusive and resilient financial ecosystems.
“It’s exciting to be part of the Digital Dollar Project Sandbox and we are looking forward to collaborating with the federal government, policymakers, and private sector organizations to pilot CBDC options that encompass retail or wholesale models for cross-border payment use cases,” said Mrs. Cadet.
In her testimony, Mrs. Cadet highlighted the firm’s vision and focus on helping central banks build modern digital cash infrastructure using blockchain and distributed ledger technology (DLT).
A consistent recommendation to the White House and the Congressional Committee is the use of a regulatory sandbox to enable faster and safer innovation from and with the private sector.
“The current ecosystem for cross-border payments is a complex nightmare for Financial Service Providers to navigate. EMTECH’s CBDC Platform, with its API-First approach and high-performance DLT, is a more modern design that we’re excited to bring to the Technical Sandbox Program,” said Tabor Wells, Chief Technology Officer at EMTECH.
Earlier this year, the firm announced its partnership with Hedera Hashgraph to build an energy-efficient CBDC to support its newly announced G.R.E.E.N. CBDC Framework.
It is designed to help central banks unlock unprecedented value in deploying a CBDC. A key pillar of the framework is reducing the carbon footprint of financial services, while also limiting energy demand from fragile power structures. You can learn more about the G.R.E.E.N. CBDC Framework™ at greencbdc.com and emtech.com.
