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Accenture, a Fortune 500 corporation, has partnered with the Digital Dollar Foundation to run CBDC trials in the United States.
The recently created Digital Dollar Project, which was announced on Monday, May 3, will carry out five CBDC pilot projects over the next 12 months. The project’s goal is to produce data that will educate US policymakers on how to create a domestic digital currency.
In the next two months, the Digital Dollar Project will begin three pilot projects to collect data on the physical, sociological, and market advantages of a digital greenback.
Al Jazeera reports that former chair of the Commodity Futures Trading Commission and co-founder of the Digital Dollar Foundation, Christopher Giancarlo, emphasized the lack of U.S. data regarding CBDC:
“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 Fed, as the guardian of the world’s reserve currency, is taking a conservative approach, according to the paper, with chairman Jerome Powell responding that it is much more important to get a digital dollar right than it is to be quick.
Giancarlo responded that Powell was right to be vigilant, but that the United States could slip further behind as China accelerates its own CBDC testing and rollout.
Although the Federal Reserve of the United States has been researching the technologies and implementations for a CBDC, the United States lags behind the digital currency projects that are currently underway in a number of other jurisdictions.
China’s central bank and major state banks have recently been planning to put the automated yuan to the test for a shopping festival on May 5.
Accenture has already focused on CBDC campaigns in Canada, Singapore, France, and Sweden, which has already finished the first phase of its pilot.
According to a Bank for International Settlements report, 80 percent of the world’s central banks are now investigating central bank-issued digital currencies.