Digital Dollar Project to Launch Five CBDC Pilots

Digital Dollar Foundation to run five CBDC pilots.

The nonprofit Digital Dollar Foundation, which is leading the development of the digital dollar, will launch five ‘real-world’ pilot projects over the course of a year, CoinDesk reports.

The organization is led by former CFTC chair Christopher Giancarlo. Accenture is the chief technology partner.

The Digital Dollar Initiative aims to study the various aspects of how a national digital currency (CBDC) could operate, which could be issued by the Federal Reserve.

“We can use the stablecoin structure to show how a CBDC works. The only difference could be who the issuer is,” explained one of the project\’s managers, David Treat.

According to the executive, initial results will appear in a few months, with the rest in 2022.

In May 2020, the organization released a white paper on the digital dollar. The 50-page document lays out in detail the potential use cases for a CBDC.

In April 2021, Fed Chair Jerome Powell stated the possibility of issuing a CBDC and reminded that what matters most is doing it right, not competing with others.

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