Analytics and processing consultancy Accenture is teaming up with Digital Dollar Foundation to begin trials for launching a dedicated central bank digital currency (CBDC) in the US.
The project was unveiled on Monday and will take place over the next 12 months. Accenture will not seek to come up with a valid protocol for a CBDC right away but will collect data that policymakers can then use to finalize plans for a CBDC project.
Digital Dollar Foundation is chaired by former Commodity Futures Trading Commission chairman Christopher Giancarlo, who has been an avid supporter of a digital dollar.
“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 US to inform that debate. We’re seeking to generate that real-world data”, Giancarlo said.
While authorities have been cautious of launching a CBDC, they have also kept a close eye on development in other countries. Commissioner at the US Securities and Exchange Commission Hester Pierce has said that the supremacy of the US dollar is not threatened even if China releases its digital yuan, citing privacy concerns with the currency.
Whenever the US decides to digitalize its money, this should happen with the bipartisan approval of legislators from all sides of the political spectrum. The Accenture-led trials may be a step towards achieving that.
In the meantime, cryptocurrencies are becoming a far more convenient payment option in various walks of life, including online casinos. You can use USDT (the closest alternative to a CBDC) at casinos such as Bitcasino.io, 1xBit and FortuneJack.