The Digital Dollar Foundation will partner with Fortune 500 consulting firm Accenture to launch five pilot projects this year to test the digital dollar.
This was announced by Christopher Giancarlo, former chairman of the Commodity Futures Trading Commission (CFTC) and co-founder of the Digital Dollar Foundation. He said that over the next two months, the Digital Dollar Project will launch three pilot programs to explore the features and benefits of the digital US dollar. Giancarlo also talked about the benefits the project can bring to business and society in general.
In addition, two additional programs for testing the digital currency of the Bank of the United States will be launched during the year. According to Giancarlo, the United States does not have information on which tools are best suited for the development of state digital currencies, so such an initiative will be aimed at collecting the necessary data. The co-founder of the Digital Dollar Foundation noted:
“Every week, conferences and reports are published around the world on central bank digital currencies. However, these reports are based on data from researchers from other countries. The United States is ready to take part in the discussion of this topic and to contribute to the development of such assets. But the country has not yet tested the digital dollar, which could also serve as a basis for discussions. Therefore, we are ready to take action. ”
Despite the fact that the US Federal Reserve (FRS) is wary of government stablecoins, the regulator sees the need for testing them, as this issue has become very relevant among central banks.
Recently, Fed Chairman Jerome Powell reiterated that it is much more important to work out the right strategy for launching the digital dollar than trying to overtake the People’s Bank of China, which has already tested the digital yuan several times, or other banks that have already launched their own digital currencies. … Giancarlo agreed that caution should be exercised in such serious matters, but it is also impossible to lag behind other central banks in the field of digital assets.
According to the consulting firm PwC, today more than 60 countries are engaged in the development of state-owned cryptocurrencies. Note that Accenture is actively involved in this, collaborating with several regulators. For example, Accenture was selected as a partner by the central banks of France, Sweden, Canada and Singapore to experiment with government stablecoins.
