Fortune 500 Accenture teamed up with the Digital Dollar Foundation to test the central bank’s digital currency, or CBDC, in the United States.
It was announced on Monday, May 3, that the newly created Digital Dollar Project will run five pilot CBD programs over the next 12 months. The goal of the project is to collect data to inform US decision-makers how to develop an internal digital currency.
Over the next two months, the Digital Dollar Project will launch three pilot programs to collect data on employment, social and business benefits of the digital dollar.
Al Jazeera reported that the former chairman of the Commodity Futures Trading Authority and co-founder of Digital Dollar Corporation Christopher Giancarlo highlighted the lack of CBDC data:
“Weekly conferences are held around the world, and CBDC reports are published based on data from other countries. What is not real data and tests from the United States can serve as a basis for this debate. We’re trying to get this data from the real world. ”
However, the Fed is cautious about being the custodian of the world’s reserve currency, the report said, and chairman Jerome Powell replied that getting the right digital dollar is much more important than trading fast.
Giancarlo opposed Powell’s right to be cautious, but warned that the United States could go further when China pushed for its own experiments and spread digital central bank currencies.
While the US Federal Reserve is researching technologies and applications for the central bank’s digital currencies, the US is lagging behind the digital currency initiatives that are taking place in many other jurisdictions.
The Chinese central bank and state-owned banks recently prepared for a digital yuan test at a May 5 shopping festival.
Accenture has also worked on a number of CBDC projects in other countries, including Canada, Singapore, France and Sweden, which have already completed the first phase of the pilot project.
According to a study by the Bank for International Settlements, 80% of the world’s central banks are already studying digital currencies issued by central banks.