Visa, Western Union, GBBC Become Partners of Digital Dollar Project

The Digital Dollar Project (DDP), a nonprofit leading the exploration of central bank digital currency (CBDC) in the United States (U.S.), has announced the addition of six new partners to its membership roster, including Visa Inc., The Western Union Company, and The Global Blockchain Business Council (GBBC).

These participants join the more than 40 organizations, business leaders, economists, former regulators, technology luminaries, and educators already supporting the DDP and its exploration of a U.S. CBDC.

​Fazzaco Live Webinar on 7th April: Nahum Greenberg Talks About MarksMan Liquidity Hub

Additionally, U.S. President Joseph R. Biden has recently issued an Executive Order directing a whole-of-government effort to understand and evaluate the benefits and risks of a U.S. CBDC for individuals and businesses alike.

"Exploration of a tokenized dollar is a logical and critical next step to consider how best to future-proof the dollar and enshrine its democratic values in the future of money," said The Digital Dollar Project Executive Director Jennifer Lassiter. "The work to build a not-for-profit, private-public partnership for digital asset experimentation takes time. The Digital Dollar Project started building this framework last year and we are prepared to support policymakers and government agencies in their data-driven decision-making for central bank digital currencies that have the power to transform legacy approaches to meet the future needs of our society."

"The addition of our new partners coupled with President Biden's Executive Order adds momentum to our work exploring a more inclusive, efficient and programmable financial system built for the needs of tomorrow," said The Digital Dollar Project Executive Chairman J. Christopher Giancarlo, former Chairman of the U.S. Commodities Futures Trading Commission. "The expertise of our advisors and partners ensures the DDP's research and pilots will help examine how a digital dollar may modernize the U.S. financial system using public and private sector innovations that serve the needs and protect the rights of the American people."

By designing and fielding cross-sector, multinational pilots in communities across the country, the DDP has been exploring the challenges and opportunities of a CBDC in the U.S., with the goal of collecting and sharing information with both the public and private sectors. The DDP will soon announce the launch of specific pilots and additional partners that will assess both retail and wholesale CBDC use cases.

Source: Business Wire