Central Bank Digital Currency or CBDC trials have been conducted by Fortune 500 Company Accenture, in partnership with Digital Dollar in the United States.
Five CBDC pilot programmes will be carried out by the newly formed Digital Dollar Project for the next twelve months. The goal of the project is to gather data to enable U.S policy makers on the feasible way to create a domestic digital currency.
In the next two months, pilot programs will be launched by the Digital Dollar Project and of which they will gather data from sociological, functional and business benefits 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.”
However, the Fed is taking a cautious approach as the guardian of the world’s reserve currency, the report added, with chairman Jerome Powell responding that it is far more important to get a digital dollar right than it is to be fast.
Giancarlo countered that Powell was correct to be cautious, but warned that the U.S. could fall further behind as China pushes ahead with its own CBDC testing and deployment.