The particular Digital Dollar Project, the non-profit organization co-founded by former Commodity Futures Trading Commission (CTFC) chairman Captain christopher Giancarlo, plans to launch five pilot programs centered on central bank digital foreign currencies ( CBDCs ) within the next 12 months, a report by Reuters said yesterday.
As FRB Chairman Powell has said, the particular goal is to get an ALL OF US #CBDC right, not to end up being first, and we’ve modeled pilots to help inform that mission. #DigitalDollarProject https://t.co/MTDnwoY3st https://t.co/6eD8Lil17w
— Chris Giancarlo (@giancarloMKTS) Might 3, 2021
The pilots aim to explore different aspects of a digital dollar and also functional, sociological, and business use cases.
Three of these programs will release over the next two months and can add their findings to the data already generated by the Massachusetts Institute of Technology—which works on a similar project using the U. S. Federal Hold.
“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 certainly any real data and testing from the United States to tell that debate. We’re trying to generate that real-world data, ” explained Giancarlo.
The particular Digital Dollar Project premiered last year as a result of a partnership between Irish multinational contacting and processing company Accenture and the Digital Dollar Basis.
By working with financial firms, retailers, and non-government organizations, the initiative wants collect all kinds of data associated with CBDCs to help U. S i9000. policymakers to develop and release a digital dollar.
“It’s essential that the U. S. asserts leadership as it has in previous technological innovations, ” Giancarlo added, commenting on China’s latest advances in the field of CBDCs.
Emergence of CBDCs
As CryptoSlate documented, while many central banks around the world are skeptical of Bitcoin and other cryptocurrencies, a lot of them possess said that CBDCs are a much better solution for digital payments .
According to survey data released by Bank for International Funds, for example , 80% of the world’s 66 central banks said they are studying digital foreign currency technology , and about 20% said they are likely to issue digital currencies in the next six years.
In the mean time, experts at the International Financial Fund also pointed out that CBDCs do not threaten Bitcoin —Instead, their success could actually rely on the crypto.
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