Decoded: Technology Law Insights, Volume 2, Issue 9

Digital Dollar Project to Launch Five U.S. Central Bank Digital Currency Pilots -

"A partnership between Accenture and the Digital Dollar Foundation, the Digital Dollar Project was created last year to promote research into a U.S. central bank digital currency."

Why this is important: Readers of Decoded will remember that we've previously discussed the efforts underway here and abroad to create and test central bank digital currencies ("CBDCs") as a form of digital fiat money. The article reports on the recent announcement by the U.S. Digital Dollar Project that it will launch five pilot projects over the next 12 months to test a digital dollar. The U.S. certainly isn't the first to do this. We've reported on China's digital yuan project, its use on Alibaba, and its possible adoption outside of China led by Chinese international tourists. A digital dollar has been slower to develop, and that's deliberate as the U.S. dollar is the world's most widely used currency. It has previously been said that this is a situation more important to get it right than get it done first. Even with the development of a digital dollar, those involved continue to state that a U.S. CBDC would exist alongside paper and coin money and not replace them, at least "for some time."

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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