A think tank based in the United States that is currently working towards a digital dollar US project has officially released a white paper that is detailing all the inaugural aims and use cases for a central bank digital currency (CBDC).
Reports on May 28 show that the Digital Dollar US project released its white paper, which is a 30-page document that details all of the potential applications of a CBDC. In the white paper, we can also see how the think tank works in order to push the development forward and make the digital dollar a reality.
As the cryptonews today show, the paper details certain core tenets of what would a digital dollar be and what will it push forward. Founded by former leaders of the Commodity Futures Trading Commission and professional services company Accenture, this project has Daniel Gorfine (head of the CFTC fintech office until fall 2019) as one of the founders.
Gorfine spoke to the Bitcoin news media and said:
“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.”
Also, the new Digital Dollar US project white paper expresses Gorfine and the co-founder and former CFTC Chair J. Christopher Giancarlo with their documented interest in operating along financial authorities and existing payment mechanisms including cash as well as Automated Clearing House Technology.
The paper charts out an impressive array of use cases for the Digital Dollar. One of them is the colossal remittances corridor between the United States and Mexico – and we can also notice attempts to future pilot programs and test the use cases out as separate components.
“Through engagement with stakeholders, the public sector, and our advisory group, we intend to refine these use cases further and identify potential pilots to test the value hypotheses and inform design decisions.”
Gorfine also noted that the Digital Dollar US project will be expected to streamline a wide range of tasks, including pilots:
“Piloting can take place in different pieces or bites relative to the overall topic. You can imagine, for example, exploring tokenization and its impact on financial inclusion and access. You can separately look at government benefits programs and how to disburse to individual recipients.”
The COVID-19 pandemic definitely stirred up a lot of talk about how to reconfigure the financial system in the US to be more responsive, and potentially limit the use of cash bills. But can the digital dollar replace them is still a question that many have.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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