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The former head of the U.S. Commodity Futures Trading Commission (CFTC), Chris Giancarlo, is launching an initiative to explore digitizing the U.S. dollar.

Giancarlo announced the Digital Dollar Project, which will encourage research and public debate — including stakeholder meetings, roundtable discussions and open forums — on the creation of an official digital currency.

“We are launching the Digital Dollar Project to catalyze a digital, tokenized U.S. currency that would coexist with other Federal Reserve liabilities and serve as a settlement medium to meet the demands of the new digital world and a cheaper, faster and more inclusive global financial system,” Giancarlo said in a statement.

The project will also propose possible models and develop a framework for establishing a digital U.S. dollar.

Enthusiasts believe that a digital dollar could cut transaction costs, improve transparency and enhance security by allowing instant digital settlement.

“The digital 21st century is underserved by an analog reserve currency,” said Giancarlo.

“A digital dollar would help future-proof the greenback and allow individuals and global enterprises to make payments in dollars irrespective of space and time,” he added.

To advance the project, a non-profit, the Digital Dollar Foundation, is also being launched, with Accenture as its lead architect and technology partner.