Menu
Banking Exchange Magazine Logo
Menu

Digital Dollar Moves Closer as Crypto Market Booms

Digital Dollar Project to launch at least five pilot programs over the next 12 months, funded by Accenture

  • |
  • Written by  Banking Exchange staff
  • |
  • Comments:   DISQUS_COMMENTS
Digital Dollar Moves Closer as Crypto Market Booms

Nonprofit organization the Digital Dollar Project (DDP) is planning five pilot programs to explore the design and use of a central bank digital currency (CBDC).

The DDP’s initial work will be funded by Accenture, a consultancy group and co-founder of the project. It will look to measure the “value” of a US central bank digital currency and flesh out its design.

Accenture and the DDP entered into an agreement last year to accelerate research and public debate regarding the advantages of a CBDC for the US.

The pilots, as well as analysing the technical and functional requirements, will also test various applications and explore the potential for use across both retail and wholesale markets.

David Treat, senior managing director at Accenture, said: “Central bank digital currencies will play an important role in how we modernize our financial systems — increasing access to and inclusion within them while also providing a valuable innovation frontier for new products and services in conjunction with other key innovations such as digital identity.”

Christopher Giancarlo, former chair of the Commodity Futures Trading Commission and co-founder of the DDF, told Reuters: “There are conferences and papers coming out every week around the world on CBDCs based on data from other countries. What there is not, is any real data and testing from the United States to inform that debate. We’re seeking to generate that real-world data.”

The project is intended to work in tandem with the Federal Reserve Bank of Boston and the Massachusetts Institute of Technology.

According to data from ResearchandMarkets.com, the global cryptocurrency market is anticipated to grow from $1.6 billion in 2021 to $2.2 billion by 2026.

back to top

Sections

About Us

Connect With Us

Resources

Webinar — Leveraging Open Banking Trends to Transform Your Institution

Time/Date: October 5th, 2:00 CT

The concept of open banking is ushering in exciting new possibilities for financial institutions of all sizes, transforming how they do business and driving new revenue opportunities. Join Shane Ferrell, Vice President of Product Strategy and Director of Software Engineering Barkley Hughes as they answer these questions and more: 

• What is open banking, and how does a financial institution take full advantage of this rapidly growing technology?

• What are key areas to look for when considering leveraging a third-party technology or an open banking marketplace?

• What role does FDX play in the future of open banking?

REGISTER NOW!

This webinar is brought to you by:
OneSpan logo