Home CryptocurrencyBitcoin The Digital Dollar Project calls on the US to take action on CBDC development

The Digital Dollar Project calls on the US to take action on CBDC development

by SuperiorInvest

The Digital Dollar Project (DDP) released a new version of its white paper “Exploring a US CBDC” on January 18. enlarged document to explore the central bank’s digital currency projects internationally, though it still focuses on the United States.

DDP introduced its “championship model” mediated wholesale and retail CBDC in the first version document in May 2020. Since then, CBDC projects worldwide have increased from 35 to 114. The updated DDP document has maintained the champion’s core principles, such as privacy and monetary policies, and discussed the technological advances of recent years.

The new ideas in the report mainly concerned the authors’ warning that the United States is lagging behind in CBDC research and leadership. Regardless of the final US decision to implement a dollar-denominated CBDC, the authors wrote:

“It [is] It is imperative that the US government consider ways to preserve the use of the dollar in digital global payment systems and develop a strategy related to the use of alternative payment systems.

DDP was founded by the former Commodity Futures Trading Commission chairman Christopher Giancarlo in 2020 to support US CBDC. The organization has implemented a number of pilot projects in cooperation with Accenture in the field of information technology. In 2022 it introduced a technical sandbox with Ripple, Emtech and three other organizations.

Related: Cointelegraph Exclusive: Former CFTC Chair Looks at Digital Dollar for COVID-19 Stimulus

Federal Reserve System published the document in January 2022 which stated that it “will only pursue a CBDC in the context of broad public and intergovernmental support”. Research into US CBDC continued, particularly in the Hamilton Project, which posted two messages and recently declared his mission accomplished.

The Fed has not yet received a signal from the government to proceed with the USD CBDC rollout.

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