Former Heads of CFTC, Accenture Join Digital Dollar Project Board
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 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 to help 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.
The Digital Dollar Project’s 22 new advisory group members — a list of whom can be found at https://www.digitaldollarproject.org — include prominent businesspeople, economists, former regulators, technology luminaries and educators who represent a cross-section of distinguished experts in the fields of banking, capital markets, international standards, anti-money laundering, monetary policy, national security, and privacy and property rights.
The Digital Dollar Project will explore design options and approaches for a CBDC through a deliberative process, including stakeholder meetings, roundtable discussions and open forums.
The Project is headed by J. Christopher (“Chris”) Giancarlo, former chair of the Commodity Futures Trading Commission (CFTC); Charles Giancarlo, an entrepreneur, investor and executive who is currently CEO of Pure Storage; and Daniel Gorfine, founder and CEO of Gattaca Horizons LLC, adjunct professor of Law at the Georgetown University Law Center, and former chief innovation officer at CFTC.
“The insights and expertise of the new advisory group members will be invaluable as we work together to help make the dollar a more effective and smarter currency in an increasingly digital global economy,” said Giancarlo.
“Welcoming these first advisors and holding our first official meeting — held virtually — were critical objectives for the project. We look forward to having others join as significant contributors to our efforts.”
Accenture is the lead architect and technology innovation partner of the not-for-profit Digital Dollar Foundation, which was launched earlier this year.
“We believe that a Central Bank Digital Currency will be an important building block for a more inclusive, efficient and effective global financial system,” said David Treat, a senior managing director at Accenture who leads its Blockchain practice globally.
“This impressive group of advisory members will help us chart a course for the modernization of our financial systems.”
The Project’s next step will be to develop a white paper proposing core elements and the value proposition of a digital dollar, which the group plans to release in the next two months.