Former CFTC chairman: Facebook’s Libra coin could be a good reason to prioritise a digital dollar

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  • Towards the end of last year, the former chairman of the CFTC wrote a piece for the Wall Street Journal got a lot of attention from many people in the community. 
  • Giancarlo publicly proposed the idea of making the United States dollar digital. This would be done in a blockchain-based system.

Towards the end of last year, the former chairman of the CFTC, J. Christopher Giancarlo wrote a piece for the Wall Street Journal that got a lot of attention from many people in the community. Giancarlo publicly proposed the idea of making the United States dollar digital. This would be done in a blockchain-based system.

Looking at more recent times in 2020, the digital dollar project has seemingly gone under many developments over the past few months. One of the many companies to partner up and push for the central bank digital currency in the United States is Accenture. Despite this, however, there are many reports that the central banking institution in the US may not give the green light for such an asset to be developed, let alone be released to the public.

Speaking in a recent interview with Ryan Selkis, the former chairman of the CFTC made the claim that he believes, institutions coming up with plans such as Libra and China’s Digital Currency, prove the fact that the United States should look at these factors as good reasons to making the digital dollar a priority in the nation.

Giancarlo went on to suggest that the current financial structure is becoming indicated antiquated on a day-to-day basis. He added that the government needs to come up with a better structure that would see the current system improved upon tenfold and revolutionise in a way never seen before. He further said:

“We need to look at the architecture of our fiat currency. A lot of what’s being developed today commercially are workarounds for the lack of digital infrastructure for our own fiat currency.”

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!



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