The Digital Dollar Project will launch five pilot programmes over the next year as it explores different designs and uses for a possible US central bank digital currency.
The Digital Dollar Project is the brainchild of former CFTC chair Chris Giancarlo, ex-CFTC chief innovation officer Daniel Gorfine and Pure Storage CEO Charles Giancarlo, who have set up a not-for-profit to encourage research and public discussion about a CBDC.
The pilots, for which partner Accenture is providing the first phase of funding, will explore, analyse 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 utilisation.
Says Giancarlo: “The US doesn’t 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.”
The project says it will release the results of and insights from the pilots for use in academic study, as well as policy consideration by Congress.