Co-founded by consulting giant Accenture, The Digital Dollar Project (DDP) is all set to kickstart pilot tests for the U.S. central bank digital currency (CBDC) over the next year to test its design and use cases. For this, Accenture has entered a non-profit partnership with the Digital Dollar Foundation.
The report comes just at a time when last week, Federal Reserve Chairman Jerome Powell said that the U.S. will take sufficient time in research and will not rush in launching the Digital Dollar just for the sake of competing with China.
For the first phase of the pilot tests, Accenture will be offering the funding. This will involve exploring, analyzing, and testing the technical and functional capabilities. The press release notes that the pilots will “assess benefits and outstanding challenges; test applications and approaches; and consider potential use cases for both retail and wholesale commercial utilization”.
The DDP has assured that it will release the results and insights
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