Today the Digital Dollar Project published its first whitepaper outlining a pragmatic set of design features to be investigated. The initiative is a partnership between Accenture and the Digital Dollar Foundation to explore a US central bank digital currency (CBDC) through public discussions. The Digital Dollar Foundation was co-founded by former CFTC commissioner Chris Giancarlo and is supported by a 30-strong advisory group.
The report opens with the motivation: “Given the US dollar’s status as the world’s primary reserve currency and exploration of CBDC by other national governments and stakeholder organizations, the Digital Dollar Project sees piloting a US digital dollar across a range of use cases as a critical and prudent initiative for the United States to begin now.”
Earlier today, we highlighted how former US Treasury Secretary Henry Paulson doesn’t see the digitization of the renminbi suddenly challenging the dollar, although he does believe the dollar’s dominance is likely to decline.
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