Sunday , 12 July 2020
Digital Dollar Project: Digital Wallet Bill Comes Up in U.S Senate
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Digital Dollar Project: Digital Wallet Bill Comes Up in U.S Senate

  • What is Digital Dollar Project?
  • How Did Digital Dollar Set Down Bitcoin and Crypto Prices?

“The Digital Dollar Project is a partnership between Accenture (NYSE: ACN) and the Digital Dollar Foundation to advance exploration of a United States Central Bank Digital Currency (CBDC). 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.” Digital Dollar Project.

Digital Dollar Project Announcement

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.

 Senator Sherrod Brown (D-OH)

‘At the height of this pandemic we must do more to protect the financial wellbeing of hardworking Americans and consumers. They are on the front lines of this crisis and are already feeling the effects of the economic fallout. My legislation would allow every American to set up a free bank account so they don’t have to rely on expensive check cashers to access their hard-earned money.’

Senator Sherrod Brown (D-OH)

How Did Digital Dollar Set Down Bitcoin and Crypto Prices?

How Did Digital Dollar Set Down Bitcoin and Crypto Prices?

If the U.S. were to create a digital dollar it could be seen as a tacit endorsement of bitcoin and cryptocurrencies, especially if it were to use bitcoin’s underlying blockchain technology.

According to the draft bill, which runs to over 1,000 pages, the digital dollars would exist in a digital dollar wallet, defined as “a digital wallet or account, maintained by a Federal [R]eserve bank on behalf of any person, that represents holdings in an electronic device or service that is used to store digital dollars that may be tied to a digital or physical identity.”

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