Christopher Giancarlo, former Chairman of the Commodity Futures Trading Commission, along with Charles Giancarlo and Daniel Gorfine, are teaming up with Accenture to launch the Digital Dollar Project to develop a US central bank digital currency (CBDC).
Says Giancarlo,
“The digital 21st century is underserved by an analog reserve currency. A digital dollar would help future-proof the greenback and allow individuals and global enterprises to make payments in dollars irrespective of space and time.”
The Digital Dollar Project aims to create a framework to accelerate the development of a virtual, tokenized US currency that would “coexist with other Federal Reserve liabilities.” It could be used to settle transactions in a faster and more cost-effective manner.
The project is designed to support ongoing research and discussions on the potential benefits of issuing a dollar that utilizes new technology in an increasingly digital global economy. Unlike Bitcoin, which is decentralized and is not controlled by any government, organization or company, the proposed digital dollar would be issued by the Federal Reserve System.
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