Ex-CFTC Chair Christopher Giancarlo on Why He Launched Digital Dollar Project

In this video from WEF 2020, former Commodity Futures Trading Commission Chairman J. Christopher Giancarlo, often known as “Crypto Dad,” discusses his push to digitize the U.S. greenback and the way forward for international currencies.

“We believe that the dollar usage in the global economy is underserved by serving as a continual analog instrument in a digital world,” he mentioned. “We’re going to think through how to create a digital dollar that serves well into this coming digital century.”

Ultimately, Giancarlo feels governmental currencies will come along with company cryptocurrencies and, presumably, open-source communities like bitcoin and ethereum. Government crypto, mentioned Giancarlo, would possibly attempt to intrude on privateness, one thing that blockchain can stop.

“Let’s envision a world where you have a Chinese central bank currency, you have a commercial cryptocurrency like a Libra and you have a U.S. dollar digital currency,” he mentioned. “In these three worlds, one authorities goes to wish to know each transaction, and particularly transactions to political opponents to freedom … and even whether or not you are buying with Target or whether or not you are buying with Nordstrom.

“We assume in a digital greenback individuals might see their data being safer, not much less.”

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