Digital Dollar Team: COVID-19 Socio-economic Crisis Is a “Call to Action” for Fintech to Address “Persistent Deficiencies” in Money Distribution – Crowdfund InsiderMay 30, 2020
The developers of the Digital Dollar project have published a detailed whitepaper that outlines the steps required for the US to issue its own virtual currency.
As confirmed in the paper, the Digital Dollar Project is being developed with the assistance of the Digital Dollar Foundation, a non-profit entity, and Accenture (NYSE: ACN), in order to explore the potential benefits of issuing a central bank digital currency (CBDC).
The Digital Dollar Project has been founded by former US Commodity Futures Trading Commission (CFTC) officials, including Daniel Gorfine, the former head of the CFTC’s Fintech unit office.
Many crypto and blockchain industry professionals, like Anthony Pompliano, the co-founder and partner at Morgan Creek Digital, have argued that the US needs to seriously look into issuing a tokenized dollar, in order to compete with China or maintain its dominance of the world’s monetary system.
However, it’s worth noting that the Chinese yuan still accounts for less than 2% of all global transactions, which continue to be dominated by the US dollar, the world’s reserve currency.
The Digital Dollar Project whitepaper notes that the initiative aims to further the public interest by “future-proofing the dollar for consumers and institutions across both domestic and global economies.”
The developers of the Digital Dollar Project say that testing the US digital dollar across various use cases should help with upgrading the existing infrastructure, and could potentially provide “enhanced flexibility, optionality, stability, and prosperity.”
As noted in the paper:
“To gain diverse perspectives from key stakeholders, the Digital Dollar Project has formed an advisory group that includes a broad array of economists, business leaders, technologists, innovators, lawyers, academics, and consumer advocates.”
The Advisory Group has reportedly held several online