Categories: Industry News

Crypto Dad teams up with Accenture to develop a Digital Dollar Foundation

Commodity Futures Trading Commission’s (CFTC) ex-chairman Christopher Giancarlo, also popularly known as Crypto Dad has joined hands with Accenture in an effort to introduce a new Digital Dollar Foundation. Crypto Dad has been joined by his brother Charles and Daniel Gorfine, who was once the director of LabCFTC.

The aim is to have a digital US dollar as a mode of currency, a potential US Central Bank Digital Currency (CBDC), an idea which hasn’t been paid much heed to by the US Federal Reserve. According to crypto dad Mr. Giancarlo, the paper currency would soon lose its relevance in the digital era. An analog currency doesn’t serve modern users. Having a digital dollar would suffice the ever-growing demand for a faster, effective and cheaper global financial system.

Paper currency irrelevant- Crypto dad

The ultimate outcome would be to make the tokenized US dollar as a means of transaction for the whole world which would enable transactions anywhere and anytime.

Accenture, one of the biggest consultancy firms across the globe, will be the main architect. According to David Treat, Accenture’s Blockchain Global Lead, the company has been involved with central banks all around the world like the European Central Bank or Bank of Canada or the Monetary Authority of Singapore.

Financial transactions as seamless as sending a text

The plan for the execution has already been made up. Currently, the focus is on the designs and architect. With the experience of the world’s biggest names in the financial world, lawyers, economists, and technologists, the Digital Dollar Foundation will assess its framework before taking any further steps.

The initiative will be backed up by blockchain with an independent organization operating the project which will be guided by US central bankers. Digital Dollar Foundation will be a non-profit organization with the goal to make ‘financial transactions as seamless as sending a text’.

Featured image from Pixabay

Mihir Sharma

Mihir has always been attracted to finance, crypto, and blockchain. His Chemical Engineering background gave him the edge to make his news reports precise and concise. Leveraging his stint with English Forward News, he looks forward to his next adventure in the cryptosphere.

Show comments
Published by

Recent Posts

Cardano hard fork: Cardano completes network upgrade

Cardano (ADA) has conducted a mainnet hard fork to prepare for the launch of Shelley…

1 hour ago

SBI Holdings Japan gives away XRP as shareholder benefits

SBI Holdings Japan recently announced its plan to pay shareholders their year-end benefits with Ripple's…

3 hours ago

Brazil’s Central Bank launches own instant payment network

Brazil's Central Bank has decided to launch an instant payment system, but this time boycotting…

4 hours ago

Indonesia leverages TradeLens blockchain to streamline supply chain

Indonesia has recently announced its intention to leverage blockchain technology by using Maersk and IBM-built…

7 hours ago

Juventus offers blockchain cards to soccer fans

Italian soccer giant Juventus, is offering "blockchain cards" on its blockchain-enabled platform Sorare. The club…

7 hours ago

Bitcoin and Tesla fast emerging as best assets of the decade

Bitcoin and Tesla are fast emerging as the best investments of the decade. In the…

8 hours ago