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The future of digital currency is here

April 16, 2021

RESEARCH REPORT

In brief

Central banks respond

What do revenue agencies need to do?

Learn:

What are digital assets and central bank digital currency?

Engage:

Who is making decisions regarding digital currency in my jurisdiction?

Assess:

How will my agency be impacted and required to change?

Making sense of an uncertain future

Accenture has partnered with the Digital Dollar Foundation to form The Digital Dollar Project to encourage research and public discussion on the potential advantages of a CBDC.

Revenue agencies’ areas of impact for CBDC

Working with ecosystem partnerships

Understanding digital currency for revenue agencies is complicated and constantly evolving, requiring engagement with public and private partners.

Engaging in taxpayer education and outreach

As digital currency embeds itself into the daily lives of taxpayers, agencies need to educate taxpayers to ensure compliance and reduce taxpayer error.

Understanding business processes and technology

Agencies must understand how cyber risk and digital payments will disrupt their underlying business processes and technological infrastructure.

Building the workforce of the future

As digital adoption grows, revenue agencies must identify their specific workforce needs to meet the new, specialized skills required.

Considering impact on tax administration

Agencies need to consider the ways in which a largely cashless society will affect how they fulfill tax administration.

MANAGING DIRECTOR – CONSULTING, REVENUE LEAD

Liaising with national and regional Revenue Agencies, David looks to drive efficiencies and develop services for citizens.


Alejandro Lira Volpi

Managing Director – Accenture Federal Services, Financial Services Strategy Lead


Adam Siegel

SENIOR MANAGER – ACCENTURE FEDERAL SERVICES, MANAGEMENT CONSULTING


Liam Glennon

Digital Assets Lead – Accenture Federal Services

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