Central Bank Digital Currencies (CBDCs) represent a third form of central bank money that mimics the features of bank notes but in a digital form, with the added benefit of built-in properties that can attest to transfer ownership without network connectivity.
With a shared goal of encouraging research and public discussion on the exploration of a United States CBDC, Accenture partnered with the Digital Dollar Foundation to form the Digital Dollar Project. More details can be found in our paper Exploring a US CBDC.
This past year, we hosted two Digital Dollar Live webinars that facilitated discussions among private and public sector thought leaders on what it will take to implement a digital dollar that works within the current banking systems, important technological innovations for policy makers to consider, and how to shape policy in Congress for the future of CBDCs. Watch these webinars to learn different perspectives about the future of money.
The U.S. Office of the Comptroller of the Currency (OCC) issued an interpretive letter 1174 endorsing the integration of distributed ledger technology (DLT)-enabled applications with existing banking operations, including the deployment of stable coins and extension of banks’ payments related activities. This endorsement signals that banks need to take stable coins and DLT-enabled financial applications seriously if they want to remain competitive and meet evolving client demands.
To better understand the OCC’s position on DLT platforms, tokens, stable coins, payments, networks and bank balance sheet tokenization, read our perspective on this momentous letter. In this POV we also provide our recommended next steps for what banks may need to consider in their adoption strategies of these cutting-edge technologies.