Digital Dollar Project Releases White Paper Laying Out Groundwork for US CBDC

gepubliceerd op by Cointele | gepubliceerd op

On May 28, the Digital Dollar Project released its white paper, a 30-page document detailing the potential applications of a CBDC. The white paper continues the nascent think tank's work to push forward development of a digital dollar.

The paper details certain core tenets of what it considers a digital dollar and what it will push forward.

The Digital Dollar Project was founded by former leaders of the Commodity Futures Trading Commission and professional services company Accenture.

Gorfine told Cointelegraph, "What we've been trying to do through the digital dollar project is catalyze action and this paper is a key step in that direction."

The new white paper expresses Gorfine and co-founder and former CFTC Chair J. Christopher Giancarlo's documented interest in operating alongside traditional financial authorities and existing payment mechanisms including cash and Automated Clearing House Technology.

The paper charts out an impressive array of use cases for a digital dollar - for example, the colossal remittances corridor between the United States and Mexico.

"A digital dollar will be distributed through the existing two-tiered architecture of commercial banks and regulated intermediaries."

The white paper similarly calls for any digital dollar to operate within existing Know Your Customer or Anti-Money Laundering requirements.

At the same time, both the white paper and the project's founders have historically mentioned privacy as a central concern.

The COVID-19 pandemic stirred up a lot of talk about how to reconfigure the financial system to be more responsive, including a number of bills calling for a digital dollar.

x