Digital Dollar Project launches CBDC pilot program


The Digital Dollar Project will run five CBDC pilot programs over the next twelve months. In the end, the framework for the development of a digital central bank currency should be in place.

There are also efforts in the USA to launch a digital central bank currency (CBDC). One project that is working on this is the Digital Dollar Foundation. This is supported by the Fortune 500 company Accenture. This monday announcedthat the newly formed Digital Dollar Project will conduct five CBDC pilot programs over the next twelve months. The aim of the project is therefore to generate data that will provide political decision-makers in the US with information on how a domestic digital currency can be developed.

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As early as May 2020, BTC-ECHO reported on a whitepaper of the project, which provided information about the joint plans. The Digital Dollar Project will start three pilot programs in the next two months. These are designed to provide insightful data on the functional, sociological, and economic benefits of a CBDC in the United States. Mind you: the entire project is based on a private initiative without the involvement of the Federal Reserve.

Former chairman of the Commodity Futures Trading Commission (CFTC) and co-founder of the Digital Dollar Foundation, Christopher Giancarlo, raised in conversation with the TV broadcaster Al Djazeera highlights the lack of US data on a CBDC.

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There are conferences and publications around the world every week on CBDCs based on data from other countries. What is not there is real data and testing from the United States to influence this debate. We try to generate this real data.

USA is lagging behind in terms of CBDC

This comment by Giancarlo can be understood as an allusion to the fact that the USA is lagging behind many other nations, especially China, in terms of CBDC. The US Federal Reserve has already researched the technology and applications for a CBDC. In contrast to numerous other countries, however, these have not yet led to specific digital currency initiatives. In Europe, too, it will be a while before the introduction of a digital euro, said ECB President Lagarde.

It is no coincidence that Accenture is participating in this project. The company has been involved in a number of such CBDC projects. These include those in Canada, Singapore, France and Sweden. The Scandinavian country has already completed the first phase of its pilot project. According to Study by the Bank for International Settlements (BIS) are already researching 86 percent of central banks around the world of their own digital currencies.

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