Many countries and regions of the world, such as China and the Eurozone, are thinking about launching a sovereign cryptocurrency or even started testing it. However, nothing of the kind has yet happened in the United States.
On Monday, Reuters reported that the American non-profit organization Digital Dollar Project will launch five pilot projects over the next 12 months to explore the potential of the digital dollar. The initiative will be funded by consultancy Accenture and will involve various financial companies, retailers and non-governmental organizations.
“There are conferences and papers published every week on central bank digital currencies,” says Christopher Giancarlo, former head of the US Commodity Futures Trading Commission and co-founder of the Digital Dollar Foundation. We will try to get them. “
The Fed is working with the Massachusetts Institute of Technology (MIT) to create a technology platform for a hypothetical launch of the digital dollar. However, last week the head of the regulator Jerome Powell noted that it is important to make a digital dollar not quickly, but efficiently.
The Digital Dollar Project will launch its first three pilot programs in the next two months. They will have to supplement the above-mentioned FRS / MIT project with various data, including the functionality of the digital dollar, the prospects for its use from the point of view of sociology and business, as well as advantages and disadvantages.
The obtained data will be published in open sources.
Accenture Senior Managing Director David Treat believes that central bank digital currencies will coexist with, but not replace, other forms of physical and electronic money.