Accenture has partnered with representatives from the financial sector to launch the Digital Dollar Foundation focused on analyzing the feasibility of a U.S. Central Bank Digital Currency.
Accenture said Thursday it will serve as lead architect and technology innovation partner for the Digital Dollar Project, which the company will spearhead along with Christopher Giancarlo, former Chair of the Commodity Futures Trading Commission, as well as Charles Giancarlo and Daniel Gorfine.
The not-for-profit organization will develop initial designs for a CBDC format and coordinate with experts to establish a framework for digital dollar testing and implementation while also providing support for U.S. Federal Reserve projects.
David Treat, senior managing director and global blockchain lead at Accenture, said the company and foundation will work to modernize financial systems and improve overall economic operations.
According to Chris Giancarlo, Accenture has prior experience working with European, Canadian, Singaporean and Swedish financial institutions.
The tokenized digital currency format will be under the liability of the Federal Reserves and “serve to advance the needs of global financial systems and consumers” in line with U.S. legal and constitutional requirements, Accenture noted.