The Accenture Company, included in the Fortune 500 list, has partnered with the Digital Dollar Foundation to test a central bank digital currency (CBDC) in the United States.
Announced on Monday, May 3rd, The newly created Digital Dollar Project will run five CBDC pilots over the next 12 months. The aim of the project is to generate data to inform US policy makers about the development of a national digital currency.
The Digital Dollar Project will start three pilot programs over the next two monthsGenerate data on the functional, sociological and business benefits of a digital green ticket.
Al Jazeera reports that the former President of the Commodity Futures Trading Commission and co-founder of the Dólar Digital Foundation, Christopher Giancarlo highlighted the lack of US data regarding a CBDC::
There are conferences and lectures around the world every week on CBDCs based on data from other countries. What is missing is real data and evidence from the United States to feed the debate. We try to generate this data from the real world. “
However, the US Federal Reserve is taking a cautious approach as the guardian of the world’s reserve currency, the report added, and Chairman Jerome Powell responded that getting a digital dollar right was far more important than being fast..
Giancarlo replied that Powell was right to be cautious, but noted it The United States could fall further behind if China pushes ahead with its own testing and use of its CBDC.
Although the Federal Reserve has researched the technology and applications of a CBDC, The United States is behind the digital currency initiatives that are taking place in many other countries.
China’s central bank and major state banks have recently prepared for this Try the digital yuan at a shopping festival 5th of May.
Accenture has also worked on several CBDC projects in other countries including Canada, Singapore, France and Sweden.which has already completed the first phase of its pilot project.
According to a study by the Bank for International Settlements 80% of the world’s central banks are already investigating CBDCs.