The nonprofit Digital Dollar Foundation, which is leading the development of the digital dollar, will launch five ‘real-world’ pilot projects over the course of a year, CoinDesk reports.<\/p>\n
The organization is led by former CFTC chair Christopher Giancarlo. Accenture is the chief technology partner.<\/p>\n
The Digital Dollar Initiative aims to study the various aspects of how a national digital currency (CBDC) could operate, which could be issued by the Federal Reserve.<\/p>\n
\n\u201cWe can use the stablecoin structure to show how a CBDC works. The only difference could be who the issuer is,\u201d explained one of the project\\’s managers, David Treat.<\/em><\/p>\n<\/blockquote>\n
According to the executive, initial results will appear in a few months, with the rest in 2022.<\/p>\n
In May 2020, the organization released a white paper on the digital dollar. The 50-page document lays out in detail the potential use cases for a CBDC.<\/p>\n
In April 2021, Fed Chair Jerome Powell stated<\/a> the possibility of issuing a CBDC and reminded that what matters most is doing it right, not competing with others.<\/p>\n