Policymakers in Washington are engaged in a fierce debate over infrastructure investment, what should count as infrastructure and how much should be spent to improve it.

Now ask Christopher Giancarlo, former chairman of the Commodity Futures Trading Commission, and he’ll tell you that missing from that debate is a discussion of the U.S.’s aging financial infrastructure, exemplified by the paper Federal Reserve notes that still dominate many parts of the American economy today.

Read more: Will China’s new digital yuan threaten King Dollar’s reign?

That’s why the former government regulator teamed up with David Treat, who heads the blockchain practice at consultancy Accenture, to launch the Digital Dollar Project to promote exploration of a digital currency issued by the Fed. Last week the project released proposals for nine pilot programs aimed at conducting real-world experiments that could…

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