Giancarlo: The US will become a “backcountry” without the CBDC
2 min read
Former CFTC chairman Chris Giancarlo said in a recent interview with the Cointelegraph news portal what the US CBDC might look like and what benefits it should bring to US citizens.
The concept of the digital dollar in the USA
Former Commodity Trading Commission Chairman Chris Giancarlo recently gave an interview on the digitization of the monetary system. In the video, “8 Reasons Why the United States Needs a Digital Dollar,” he said:
“It is very clear that China intends their digital yuan to be a tool of state oversight. Our new mission is to ensure that central banks and the US Fed wake up. Laws, the free capital market, free enterprise, individual economic privacy are rooted in the new digital future of the US dollar, and we will not allow China to take over. “
According to Giancarlo, however, the CBDC race is not just about maintaining current American values, but also about potentially unlocking new forms of contract-based intelligent value for the wider population. The US must maintain technological superiority.
“Digital currencies allow you to solve the old problem of how to move a currency to different places, ie move around the world easily, as if you could send a text message, but also move it over time. Thanks to smart contracts, we can say that today we can program our money so that in the future, for example, it will go to the grandchildren as soon as, for example, they graduate. We cannot stop the progress of technology, and if you do not do it in time, we will become a backcountry. We in the United States have always been open to innovation, and we must be open to that innovation. “
Conclusion
It currently dominates in the area of digital currencies issued by the Central Bank of China, which is already gradually introducing the transition to the digital yuan. The United States should therefore make more effort than this already running train. You can watch the entire interview for the Cointelegraph news portal under the attached link HERE.
