Home Cryptocurrency Federal Reserve should produce a digital dollar, Giancarlo says

Federal Reserve should produce a digital dollar, Giancarlo says

Christopher Giancarlo, the former chairman of the Commodity Futures Trading Commission (CFTC) has said that the Federal Reserve should generate digital currency.

Giancarlo said this on Yahoo Finance’s program.

According to him, the Federal Reserve’s digital currency, when created, will contend with China’s central bank digital currency (CBDC).

He noted that a digital dollar means an immediate payment, which is what exists now.

He also added that one aspect that would profit from the Digital payment if the United States looks into it, is online shopping.

This is because there will not be any form of mediator payment entailed, unlike the traditional debit and credit cards.

Digital dollar can operate as an equivalent to Bitcoin

Giancarlo noted that Bitcoin and inventions such as Facebook’s Libra Association possess their own value propositions.

In addition, they can also co-exist with any central bank-issued digital currency (CBDC).

He believes that a digital dollar is agnostic to other creations in the crypto area.

Also, the market will be better if there are competitions, so bitcoin can be a match to the digital gold.

Giancarlo also subscribed to the opinion that the U.S regulatory framework should be modernized and upgraded so as to adjust to the modifications that crypto generates to the financial institutions.

According to him, this will bring about improvements since the laws always require to be developed.

Reportedly, Giancarlo is connected with a Digital Dollar project that is backed by a big multinational consulting firm, Accenture, which according to reports, is partnering with Sweden’s central bank on its own digital currency called e-krona.

This program was originally commenced by Giancarlo with the objective of creating a non-profit foundation to research prospects for modifying the dollar into an entirely electronic currency founded on blockchain.


Please enter your comment!
Please enter your name here

Must Read

LEGO ready to land in the NFTs? The news that breaks bricks

A New Player in the NFT World - It only took one tweet to get fans of NFT and Lego bricks on...

Bitcoin price: BTC fell back again, trading below $ 36,000 again

Bitcoin (BTC) closes the week with a new low of more than 10%, which pushed its price back below $ 36,000.

Bitcoin Core developers release version 0.21.0 of the software

The developers of Bitcoin Core have just announced the release of version 0.21.0 of the software. Result of...

Shopify employees allegedly behind Ledger’s database hack

In a blog post today, hardware wallet designer Ledger returned to his customer database breach in July 2020 where two employees of...

Bitcoin: New Correction Before Q1 Ends

Alex Mashinsky, CEO of Celsius, assured that the price suffered a decline yesterday in the crypto market. In general comes as...