Digital Dollar Project Kicks Off While Bitcoin Trades Below $8,700
Not too long ago, we revealed that Anthony Pompliano had some exciting piece of news to share.
He claimed that the Federal Reserve plans to announce an initiative that could digitize the US dollar. Pomp reported that this announcement could come soon in an effort that could be mimicking China’s move that digitizes the yuan.
Rumors are circulating that the Fed is going to announce an effort to digitize the dollar this week.
This would be similar to China's effort to digitize the yuan.
Whether the rumor is true or not, the Fed should absolutely digitize the dollar.
Here is why: pic.twitter.com/8xvozAtFZr
— Pomp 🌪 (@APompliano) January 15, 2020
If the US moves ahead with a digital currency, Pompliano believes it would contribute to the crypto movement in the US in a big way.
The launch of the Digital Dollar Project
Now, it’s been revealed that Christopher Giancarlo, former Chairman of the Commodity Futures Trading Commission, along with Charles Giancarlo and Daniel Gorfine, are teaming up with Accenture to launch the Digital Dollar Project to develop a US central bank digital currency (CBDC).
Giancarlo stated the following:
“The digital 21st century is underserved by an analog reserve currency. 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.”
Accelerating the development of a tokenized US currency
The project aims to create a framework to accelerate the development of a virtual, tokenized US currency that would “coexist with other Federal Reserve liabilities.”
It could be used to settle transactions in a faster and more cost-effective manner.
According to the latest reports coming from the online publication the Daily Hodl, the project will support ongoing research and discussions on the potential benefits of issuing a dollar that makes use of the new technology in an innovative and revolutionizing digital global economy.
Here’s a screenshot from the official website of the project:
Bitcoin is decentralized and is not controlled by any government, organization or company, but the proposed digital dollar would be issued by the Federal Reserve System.
Speaking of BTC, after a strong rally that took place during the past week taking the coin above $9,100, now BTC is trading in the red.
At the moment of writing this article, BTC is priced at $8,669.53.
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Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.