The Digital Dollar Project (DDP) will launch at least five pilot programs over the next twelve months, involving both its participants and other stakeholders. The purpose of these programs is to explore the possibilities and uses of the digital dollar, the US Central Bank Digital Currency (CBDC).
DDP is a not-for-profit partnership between the Digital Dollar Foundation and Accenture formed last year to encourage research and public discussion of the potential benefits of CBDC in the United States. According to the developers of CBDC, it is a new form of money designed specifically for the digital world and complementing existing forms of physical and electronic money.
Pilots for which Accenture is providing Phase I funding are expected to “investigate, analyze, and define technical and functional requirements; evaluate the benefits and unresolved issues; create test applications and approaches; consider possible use cases [CBDC] for retail and wholesale “. The DDP will present the results and ideas of the pilot projects to the public for use in academic research, as well as for consideration by the US Congress.
The US Federal Reserve is one of many central banks in the world considering the introduction of a digital currency. According to a recent poll, 80% of the world’s central banks are involved in research or experimentation to develop digital currency.
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