At the end of March 2020, the Digital Dollar Foundation announced the creation of a 22-members advisory group that will help develop the foundation for creating the digital currency of the US Central Bank. The fund intends to explore the potential use of the digital dollar.
The Digital Dollar Foundation is a not-for-profit organization created earlier in 2020 by the former chairman of the Commodity Futures Trading Commission, J. Christopher Giancarlo and firm Accenture. Consulting has already worked with central banks, including from Canada, the Monetary Authority of Singapore, the European Central Bank and Riksbank.
The advisory group includes experts in the field of fintech, cryptocurrencies, banking, capital markets, privacy and property rights, as well as teachers, academics and economists.
“The knowledge of the unique participants of the consultatory group is going to be very helpful as we operate collectively to make the US dollar a very much more useful currency in the electronic digital international economic system” – Chris Giancarlo explained.
Payment advisors include Cuy Sheffield, head of cryptocurrency at Visa, and Jesse McWaters, vice president of global digital politics at Mastercard. Former government officials include Sigal Mandelker, former Under Secretary of the Treasury for Terrorism and Financial Intelligence, and Mike Piwowar, former Commissioner of the US Securities and Exchange Commission.
Capital markets are represented by Martin Chavez, former Director of Information Technology and CFO at Goldman Sachs.
“We believe that the Central Bank’s digital currency will be the basis for a more inclusive, efficient and effective global financial system” – said David Treat, Accenture’s senior managing director.