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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