On Wednesday, the Digital Dollar Project welcomed President Biden’s executive order to begin a government-wide effort to explore central bank digital currencies (CBDCs).
The Digital Dollar Project is a private sector research initiative started by Accenture and the Digital Dollar Foundation, which was co-founded by J. Christopher Giancarlo, former chairman of the U.S. Commodity Futures Trading Commission. It aims to encourage research and public discussion on the potential advantages and challenges of a US CBDC.
On March 9, President Biden signed an Executive Order outlining the first whole-of-government approach to harnessing the potential benefits of digital assets and the underlying technology as well as understanding their risks. Not all Federal Reserve governors have been supportive of the idea of a CBDC, but Biden’s order directs the Federal Reserve to explore a U.S. central bank digital currency (CBDC) and provide a detailed report within six months, adding a degree of urgency. The Fed published a CBDC document in January as part of a public consultation.
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