According to the announcement, The Us non-profit Digital Dollar Project will launch five pilot programs over the next 12 months with interested stakeholders and DDP participants. This program will test the potential uses and future design of a U.S. Central Bank Digital Currency (CBDC), or “Digital dollar”.
Since last year from its launch, the Digital Dollar Project is promoting research for U.S CBDC. The first phase of Accenture’s funding for pilots includes exploring, analyzing, and testing the technical & functional capabilities for both retail and wholesale commercial utilization. A new form of money designed specifically for the digital World complements the existing form of physical and electronic monies.
“Central bank digital currencies will play an important role in how we modernize our financial systems- increasing access to and inclusion within them while also providing a valuable innovation frontier for new product and services in conjunction with other key innovation such as digital identity,” said David Treat, a senior managing director at Accenture who leads its blockchain and multi-party system practice globally.
Adrienne Harris, who has advised financial institutions, fintech companies, and venture capital firms also joined Digital Dollar Project.
Accenture made an initial investment in the DDP for its operational requirement. It also provided the necessary funds to launch the first five pilots. DDP is going to announce the first three pilots in the next two months. The process of evaluating the five piolets is already ongoing.
According to a recent survey, 80% of the world’s central banks haveR&D projects for a CBDC. These include the people Bank of China, The European Central Bank, and the Bank of England.
DDP open to participants from all sectors like a commercial institution, innovation community, non-profit organization, and universities.
