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Former CFTC Chairman Giancarlo has created a multi-part plan and a non-profit group to create a design proposal, in conjunction with global consulting firm Accenture, for the digital US dollar. The Fed buy-in will be key, and observors are waiting to see how the digital dollar will coordinate with the FedNow project, the Fed's real-time payment system.
"These are some of the issues we intend to explore and we will do so with a broad range of stakeholders through a phased approach that may include actual or proposed pilots," he said. "Ultimately, a digital dollar would need to be issued by the Fed, and our goal is to advance a framework for potential, practical steps that could support such an effort."
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