{"id":485508,"date":"2021-05-03T07:02:14","date_gmt":"2021-05-03T11:02:14","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/digital-dollar-project-to-launch-pilot-programs-to-explore-designs-and-uses-of-a-u-s-central-bank-digital-currency\/"},"modified":"2021-05-03T07:02:14","modified_gmt":"2021-05-03T11:02:14","slug":"digital-dollar-project-to-launch-pilot-programs-to-explore-designs-and-uses-of-a-u-s-central-bank-digital-currency","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/digital-dollar-project-to-launch-pilot-programs-to-explore-designs-and-uses-of-a-u-s-central-bank-digital-currency\/","title":{"rendered":"Digital Dollar Project to Launch Pilot Programs to Explore Designs and Uses of a U.S. Central Bank Digital Currency"},"content":{"rendered":"

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Digital Dollar Project to Launch Pilot Programs to Explore Designs and Uses of a U.S. Central Bank Digital Currency<\/b><\/p>\n

\nProject co-founder Accenture to provide initial funding for pilots, which marks next step in bringing the digital dollar closer to reality\n<\/p>\n

WASHINGTON–(BUSINESS WIRE<\/a>)–
\nThe Digital Dollar Project (DDP) will launch at least five pilot programs over the next 12 months with interested stakeholders and DDP participants to measure the value of and inform the future design of a U.S. central bank digital currency (CBDC), or \u201cdigital dollar.\u201d\n<\/p>\n

This press release features multimedia. View the full release here: https:\/\/www.businesswire.com\/news\/home\/20210503005330\/en\/<\/a><\/p>\n

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There is growing focus on CBDCs (Photo: Business Wire)<\/p>\n<\/div>\n

\nA non-profit partnership between Accenture (NYSE: ACN) and the Digital Dollar Foundation, the DDP was created last year<\/a> to encourage research and public discussion on the potential advantages of a U.S. CBDC \u2014 a new form of money designed specifically for the digital world that complements the existing forms of physical and electronic monies.\n<\/p>\n

\nThe pilots, for which Accenture is providing the first phase of funding, will explore, analyze and identify technical and functional requirements; assess benefits and outstanding challenges; test applications and approaches; and consider potential use cases for both retail and wholesale commercial utilization. The DDP will release to the public the results of and insights from the pilots for use in academic study, as well as policy consideration by Congress.\n<\/p>\n

\n\u201cCentral bank digital currencies will play an important role in how we modernize our financial systems \u2014 increasing access to and inclusion within them while also providing a valuable innovation frontier for new products and services in conjunction with other key innovations such as digital identity,\u201d said David Treat, a senior managing director at Accenture, who leads its Blockchain and Multi-Party Systems practice globally. \u201cAccenture is excited to collaborate with the entire stakeholder community to learn from pilot programs across a range of use cases and share the outcomes and insights in an open and transparent manner.\u201d\n<\/p>\n

\nJ. Christopher Giancarlo, former chairman of the U.S. Commodity Futures Trading Commission and co-founder of the Digital Dollar Foundation, said, \u201cThe U.S. doesn\u2019t need to be first to the central bank digital currency, but it does need to be a leader in setting standards for the digital future of money, which is why our pilot testing collaboration with Accenture and other partners is so critical. We need to better understand how to balance the complex issues of a CBDC and how to incorporate key societal values, like privacy rights, financial inclusion and rule of law. Together, this project team will conduct research, experiment and develop thought leadership in an open manner in the interest of informing public policy.\u201d\n<\/p>\n

\nAdrienne Harris, who has advised financial institutions, fintech companies and venture capital firms, will also join the Digital Dollar Project\u2019s Executive Board. Adrienne is a Senior Advisor at Brunswick Group and a Professor of the Practice at University of Michigan, where she\u2019s a Gates Foundation Senior Research Fellow with the Center for Finance, Law and Policy. She was a special assistant for economic policy on President Obama\u2019s National Economic Council, and a senior advisor to the deputy secretary of the U.S. Treasury Department.\n<\/p>\n

\nThe Project\u2019s efforts are intended to complement other important CBDC work being conducted, including by the Federal Reserve Bank of Boston and the Massachusetts Institute of Technology, and to help inform three of the key preconditions for a CBDC identified by researchers at the Federal Reserve. Among the areas that the Project\u2019s pilot phase will focus on are:\n<\/p>\n