Digital Dollar Project (DDP)

History

2021: Launch of five digital dollar pilots

In early May 2021, the American organization Digital Dollar Project (DDP) announced the launch of five pilot projects to test the potential use of the US digital currency central bank.

DDP is a non-profit partnership between the Digital Dollar Foundation and Accenture. The project was created in 2020 to encourage research and public discussion of the potential benefits of digital currency (CBDC) in the United States. According to the developers of the digital dollar, this is a new form of money, created specifically for the digital world and complementing the existing forms of physical and electronic money.

Digital Dollar Project (DDP) launched five digital dollar pilots in the United States

In pilot projects for which Accenture, as well as a number of financial companies and public organizations, will provide funding, it is planned to investigate, analyze and determine the technical and functional capabilities of the digital dollar, evaluate the advantages and weaknesses of development, create test applications and identify potential options for using digital currency for retail and wholesale trade.

Three pilot programs will be launched in the next two months, the DDP will present the results and insights of pilot projects to the public for use in academic research, as well as for consideration by the US Congress.

The United States is not necessarily the first to introduce the digital currency of the Central Bank, but the country should be a leader in setting standards for the digital future of money, so pilot programs, together with Accenture and other partners, are of particular importance, "said one of the creators of the DDP, J. Christopher Giancarlo, who was previously the head of the Commodity Futures Trading Commission (C).

According to DDP, the first results of pilot projects will appear in the third quarter of 2021, the rest in 2022.^[1]

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