WASHINGTON--(BUSINESS WIRE)--The Digital Dollar Project (DDP), a nonprofit leading the exploration of central bank digital currency (CBDC) in the United States (U.S.), today applauded President Joseph R. Biden’s recent Executive Order directing a whole-of-government effort to understand and evaluate the benefits and risks of a U.S. CBDC for individuals and businesses alike.
“Exploration of a tokenized dollar is a logical and critical next step to consider how best to future-proof the dollar and enshrine its democratic values in the future of money,” said The Digital Dollar Project Executive Director Jennifer Lassiter. “The work to build a not-for-profit, private-public partnership for digital asset experimentation takes time. The Digital Dollar Project started building this framework last year and we are prepared to support policymakers and government agencies in their data-driven decision-making for central bank digital currencies that have the power to transform legacy approaches to meet the future needs of our society.”
Additionally, the DDP announced the addition of six new partners to its membership roster, including Visa Inc., The Western Union Company, Knox Networks, Feed the Children, Elijah’s Heart and The Global Blockchain Business Council (GBBC). These participants join the more than 40 organizations, business leaders, economists, former regulators, technology luminaries, and educators already supporting the DDP and its exploration of a U.S. CBDC.
“The addition of our new partners coupled with President Biden’s Executive Order adds momentum to our work exploring a more inclusive, efficient and programmable financial system built for the needs of tomorrow,” said The Digital Dollar Project Executive Chairman J. Christopher Giancarlo, former Chairman of the U.S. Commodities Futures Trading Commission. “The expertise of our advisors and partners ensures the DDP’s research and pilots will help examine how a digital dollar may modernize the U.S. financial system using public and private sector innovations that serve the needs and protect the rights of the American people.”
By designing and fielding cross-sector, multinational pilots in communities across the country, the DDP has been exploring the challenges and opportunities of a CBDC in the U.S., with the goal of collecting and sharing information with both the public and private sectors. The DDP will soon announce the launch of specific pilots and additional partners that will assess both retail and wholesale CBDC use cases.
“Digital currency in the United States represents one of the most exciting opportunities to come about in the financial system since the last century, and one that we are proud and ready to dive into through the guidance and leadership of our partners and our Board,” concluded Lassiter. “We invite others to join the DDP as significant contributors to our efforts.”
Join The Digital Dollar Project
The DDP is open to participants from all relevant sectors, including commercial institutions, the innovation community, nonprofit organizations and universities that want to lead or participate in pilots. The DDP is working in collaboration with pilot partners to explore the challenges and opportunities of a U.S. CBDC through a deliberative process, including pilots, stakeholder meetings, roundtable discussions, and open forums.
- Join the DDP by emailing Join@Digitaldollarproject.org
- Sign up for DDP News and Pilot Updates
- Read and Provide Commentary on The Digital Dollar Project’s Privacy Principles
- Download The Digital Dollar Project’s Exploring a Digital Dollar White Paper
About The Digital Dollar Project (DDP)
A nonprofit organization, The Digital Dollar Project was created to encourage research and public discussion on the potential advantages and challenges of a U.S. CBDC — or a “digital dollar.” The DDP will identify options for a CBDC solution to help enhance monetary policy effectiveness and financial stability; provide needed scalability, security and individual privacy in retail, wholesale and international payments; and integrate with existing financial infrastructures, including U.S. Federal Reserve-related projects. Visit http://digitaldollarproject.org.