DDP Press Releases

Explore the research and data relevant to U.S. Central Bank Digital Currency (CBDC) and digital currencies.

Digital Dollar Project Launches Retail CBDC Pilot with Western Union Focused on Cross-Border Payments

August 11, 2023

The Digital Dollar Project today announced the completion of a pilot study conducted in collaboration with The Western Union Company (Western Union), BDO Unibank, Inc. (BDO Unibank) in the Philippines, and support from Accenture. This collaboration represents the Digital Dollar Project’s latest . . . private sector efforts in support of the exploration and experimentation of a central bank digital currency (CBDC) in the United States.

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The Digital Dollar Project Publishes a Risk Framework for Consideration of a U.S. CBDC

June 27, 2023

The Digital Dollar Project (DDP) today released the first in a series of risk- and privacy- focused working papers, “Secure Adoption of a Digital Dollar – Operational and Compliance Risks for the U.S. Banking Sector.” This working paper offers a draft unified risk framework outlining possible . . . impacts on the private sector, specific to federal and state-chartered banks, in consideration of a potential U.S. central bank digital currency (CBDC). The working paper is meant to be a catalyst for broad public discussion and can be accessed here.

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The Digital Dollar Project To Lead CBDC Privacy Discussions With Top Universities

February 15, 2023

The Digital Dollar Project (DDP) today announced a series of privacy-focused roundtables in partnership with leading educational institutions, including UC Berkeley’s Center for Responsible, Decentralized Intelligence, MIT Connection Science and Engineering, and the Georgetown University Law . . . Center’s Institute of International Economic Law.

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The Digital Dollar Project Publishes Updated White Paper Furthering Exploration of a U.S. CBDC

January 19, 2023

The Digital Dollar Project (DDP) today announced the release of an updated version of its white paper, “Exploring a U.S. CBDC,” offering a global perspective on the rapidly accelerating developments in central bank digital currencies (CBDCs). The white paper details ongoing CBDC projects in 114 . . . countries, including DDP-initiated pilots and research, and revisits seminal concepts first proposed in the DDP’s inaugural white paper. The white paper can be accessed here.

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Digital Dollar Project Hires Key Staffers to Expand U.S. CBDC Exploration in 2023

January 12, 2023

Today, DDP announced new hires to support the strategic growth of its policy research and experimentation teams. With the accelerated growth of worldwide CBDC research, experimentation and deployment, DDP’s new leadership team is poised to expand DDP’s 2022 accomplishments.

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DTCC Shares Findings from its Pilot with the Digital Dollar Project, Identifying Requirements for Supporting a U.S. CBDC in Securities Settlement

November 30, 2022

The Digital Dollar Project and The Depository Trust & Clearing Corporation (DTCC) today published its latest whitepaper, “Exploring Post-Trade Security Settlement with a U.S. Central Bank Digital Currency.’ The collaboration leveraged DLT, with the goal of demonstrating success in settling . . . tokenized securities on DTCC’s Digital Settlement Network prototype against tokenized dollars on a simulated CBDC network provided by Accenture. The design included an architecture that connected two distinct asset networks to enable secure, resilient, and efficient security settlement leveraging CBDCs.
 

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The Digital Dollar Project Launches Technical Sandbox Program to Explore Central Bank Digital Currency Infrastructure Solutions

August 31, 2022

The Digital Dollar Project (DDP) announced today the launch of its Technical Sandbox Program to jumpstart further exploration of technical implementations of a U.S. central bank digital currency (CBDC). The program will serve as a collaborative space for the DDP participants and financial service . . . providers, offering a neutral environment for the evaluation of technological, business, and policy approaches to CBDCs.
 

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Forward Momentum: The Digital Dollar Project Weighs-In on Continued Regulatory Exploration of a U.S. Central Bank Digital Currency

July 21, 2022

In July, DDP responded to guiding questions from the Department of Commerce on the competitiveness of digital asset technologies, highlighting the unique role that the U.S. can play in shaping central bank digital currencies through private-public innovation. This follows DDP’s May response to the . . . Federal Reserve Board’s research and analysis comment request.
 

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DTCC Building Industry’s First Prototype To Support Digital U.S. Currency In The Clearing & Settlement Process As Part Of Digital Dollar Project Effort

April 12, 2022

“Project Lithium” prototype will test the ability of U.S. market infrastructure to support a Fed-issued central bank digital currency using a DLT platform.

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The Digital Dollar Project Applauds President Biden’s Executive Order on Central Bank Digital Currency; Gains Support of Leading Financial and Nonprofit Partners

March 30, 2022

Visa Inc., The Western Union Company, Knox Networks, Feed the Children, Elijah’s Heart and The Global Blockchain Business Council Join DDP’s More Than 40 Advisors, Participants, and Pilot Partners

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The Digital Dollar Project Publishes Nine Pilot Scenarios To Test Elements Of a US CBDC

May 17, 2021

Partnership between Accenture and the Digital Dollar Foundation aims to promote exploration of a U.S. Central Bank Digital Currency
WASHINGTON– The Digital Dollar Project today published initial proposals for nine distinct pilot programs to identify practical opportunities to test and evaluate key . . . features of a U.S. Central Bank Digital Currency (CBDC) or “digital dollar.” The pilot programs are designed to explore how a U.S. CBDC could serve important public policy goals while addressing specific challenges faced by different economic stakeholders, including consumers, businesses, financial institutions, and fintechs.
The Digital Dollar Project (Project), a partnership between Accenture (NYSE: ACN) and the Digital Dollar Foundation, was founded in January 2020 to encourage research and public discussion on the potential advantages of a CBDC. The proposed pilots are the result of discussions, research and events that have taken place over the past ten months, as the progression of CBDCs has transitioned from “If” to “How” and “When.”

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Digital Dollar Project To Launch Pilot Programs To Explore Designs And Uses Of a U.S. Central Bank Digital Currency

May 3, 2021

Project co-founder Accenture to provide initial funding for pilots, which marks next step in bringing the digital dollar closer to reality
WASHINGTON, D.C.; May 3, 2021 – The Digital Dollar Project (DDP) will launch at least five pilot programs over the next 12 months with interested stakeholders . . . and DDP participants to measure the value of and inform the future design of a U.S. central bank digital currency (CBDC), or “digital dollar.”

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Digital Dollars: Electronic Cash Vs. Digital Currency

March 27, 2020

Mar. 27, 2020 – Overview.  In late March, in response to bipartisan proposals to distribute emergency funding to those impacted by COVID-19, the House Financial Services Committee and Senator Sherrod Brown proposed a new U.S. Federal Reserve infrastructure to distribute electronic payments directly . . . to consumers that was termed “digital dollars.”   This approach is distinct from the work now underway by the Digital Dollar Project, which is studying design options to introduce a tokenized Central Bank Digital Currency for the U.S., in our terminology, a “digital dollar”. This will be a new, additional form of central bank currency issued by the U.S. Federal Reserve.

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The Digital Dollar Project Names 22 New Advisory Group Members

March 26, 2020

Partnership Between Accenture And The Digital Dollar Foundation Aims To Promote Establishment Of a U.S. Central Bank Digital Currency
WASHINGTON; March 26, 2020 – The Digital Dollar Project today announced its first advisory group members, who will help guide the framework for practical steps that . . . could be taken to establish a U.S. Central Bank Digital Currency (CBDC).
A partnership between Accenture (NYSE: ACN) and the Digital Dollar Foundation, the Digital Dollar Project was created to encourage research and public discussion on the potential advantages of a CBDC — or a “digital dollar.” The Project will identify options for a CBDC solution that enhance monetary policy effectiveness and financial stability; provide needed scalability, security and privacy in retail, wholesale and international payments; and integrate with existing financial infrastructures, including U.S. Federal Reserve-related projects.

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Digital Dollar Project Announcement

January 16, 2020

The Digital Dollar Foundation And Accenture Announce The Launch Of The Digital Dollar Project
Washington, D.C., Jan. 16, 2020 – “The digital 21st century is underserved by an analog reserve currency,” said Chris Giancarlo. “A digital dollar would help future-proof the greenback and allow individuals . . . and global enterprises to make payments in dollars irrespective of space and time. We are launching the Digital Dollar Project to catalyze a digital, tokenized U.S. currency that would coexist with other Federal Reserve liabilities and serve as a settlement medium to meet the demands of the new digital world and a cheaper, faster and more inclusive global financial system.”
The purpose of the Project is to encourage research and public discussion on the potential advantages of a digital dollar, convene private sector thought leaders and actors, and propose possible models to support the public sector. The Project will develop a framework for potential, practical steps that can be taken to establish a dollar CBDC.

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