Have You Heard About the Digital Dollar Project?

In January 2020, a group of enthusiasts founded the Digital Dollar Project (DDP), an initiative geared towards educating the U.S. government and the general public about how a United States Central Bank Digital Currency (CBDC) could be implemented and why. DDP Director Adrienna Harris, Digital Dollar Foundation (DDF) Directors Charles Giancarlo, Chris Giancarlo, and Daniel Forfene, and Accenture Director David Treat worked tirelessly to establish partnerships between Accenture and the DDF. These leading industry professionals now assist Congress through consultation and advisement on the potential behind a U.S. CBDC.  

The purposes of the DDP are to encourage research regarding the potential advantages of a “digital dollar” and to lay the foundation for a public forum surrounding CBDCs. The DDP’s vision for a U.S. CBDC is “a new form of money designed specifically for the digital world that complements the existing forms of physical and electronic monies” (Digital Dollar Project, Digital Dollar Project to Launch Pilot Programs to Explore Designs and Uses of a U.S. Central Bank Digital Currency, May 3, 2021). In this way, the DDP seeks a solution to bridge the gap between the virtual currency industry and traditional business alongside the U.S. government; this “gap” is manifested in the strict SEC regulations placed on cryptocurrency. 

Although in its nascence, the DDP has big plans for the coming year: on May 3, 2021, the DDP announced in a press release that it would “launch at least five pilot programs over the next 12 months with interested stakeholders and DDP participants to measure the value of and inform the future design of a U.S. central bank digital currency (CBDC), or ‘digital dollar.’” 

Oster McBride also believes in the power of public discussion and research. In addition, we recognize the importance of staying up to date on industry trends, especially when it comes to a market as volatile as the virtual currency industry. Stay tuned for our next blog, diving into the backstory of the DDP’s partners.