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The U.S Non-profit Organization "Digital Dollar Project" Will Launch At Least Five Pilot Project To Measure Central Bank Digital Currency

The digital dollar project pilot is launched

Tuesday, 4 May 2021

/ by Ella Rose
At present, many countries in the world are moving to the US dollar, and the dollar's dominance has weakened. International Monetary Fund (IMF) data show that in the fourth quarter of 2020, the proportion of US dollars in global foreign exchange reserves hit the lowest level in 25 years, dropping to about 59%. The accelerating landing of China's digital renminbi will further challenge the dominance of the US dollar.

According to Reuters, the U.S. non-profit organization "Digital Dollar Project" announced that it will launch at least 5 pilot projects in the next 12 months to measure the central bank digital currency (CBDC) or "digital dollar". Value and provide reference for its future design.

The "Digital Dollar Project" was founded last year to promote research on the U.S. Central Bank Digital Currency. CBDC is the digital equivalent of banknotes and coins, allowing holders to make digital requests directly to the central bank and allowing them to make electronic payments immediately.

According to DDP executives, CBDC will coexist with other forms of physical and electronic money, rather than replacing them.

At present, central banks around the world are accelerating their own digital currency projects to resist the threat from cryptocurrencies and improve payment systems.

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