America’s Digital Dollar Project revealed their plans to launch a flurry of projects to test how the government-backed CBDC performs in the market.
The firm, which is mostly run by the former government regulators and Accenture’s executives, announced that it would release as many as five pilot projects in a bid to study different aspects of the Federal Reserve Bank-backed digital token.
On the other hand, the supporters of digital currency have maintained that the use of CBDC can make government aid distribution easier. Meanwhile, the opponents of the technology maintained that the traditional technologies are better suited for such tasks.
It comes as several nations worldwide are also experimenting with their central bank-issued digital token, with Beijing’s CBDC staying at the top of state-issued digital token. Last year, the famous consulting firm Accenture founded the Digital Dollar Project to design and promote the digitalized dollar.
The project also evaluates how the digital dollar would benefit those who don’t have access to banking services. Moreover, Accenture, David Treat, stated that although these pilot projects would receive backing from the firm, they will be mostly self-funded and refrained from disclosing any further information.