Fortune 500 Accenture has teamed up with the Digital Dollar Foundation to conduct tests of the Central Bank for digital currency or CBDC in the United States.
Announced on Monday, May 3, the newly formed Digital Dollar Project will implement five CBDC pilot programs over the next 12 months. The goal of the project is to generate data to inform American politicians on how to develop a local digital currency.
The Digital Dollar project will launch three pilot programs over the next two months, generating data on the functional, sociological and business benefits of digital greenback.
Al Jazeera reports that Christopher Giancarlo, former chairman of the Commodity Futures Trading Commission and co-founder of the Digital Dollar Foundation, stressed the lack of US data on the CBDC:
“Conferences and CBDC reports based on data from other countries are published every week around the world. What is missing is real data and tests from the United States to inform this debate. We strive to generate this real data. “
However, the Federal Reserve is taking a cautious approach as a custodian of the world̵
Giancarlo countered that Powell was right, that he was cautious, but warned that the United States could lag even further behind as China progressed with its own CBDC tests and deployment.
While the US Federal Reserve is conducting research on CBDC technologies and applications, the United States is lagging behind digital currency initiatives, which are currently continuing in many other jurisdictions.
China’s central bank and leading state-owned banks recently prepared to test the digital yuan for a May 5 shopping festival.
Accenture has also worked on a number of CBDC projects in other countries, including Canada, Singapore, France and Sweden – which have already completed the first phase of their pilot project.
According to a study by the Bank for International Settlements, 80% of the world’s central banks are already researching the digital currencies issued by the central bank.