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Ex-CFTC Chairperson Divulges Digital Dollar Project & Its Purpose At Davos
There has been a budding trend of central bank digital currency (CBDC) across the globe.
Yesterday, the farmer CFTC chairman, Mr. Christopher Giancarlo clarified about the Digital Dollar project to be entrusted with an objective of the United States’ CBDC, as per the penned remarks for a Davos event hosted by the renowned media outlet The Block.
Many top business tycoons, enterprises and politicians across the world coupled with dashing celebrities have assembled in Davos, Switzerland, for the World Economic Forum (WEF) this week.
The event is the prime resourceful drive for involving the top global leaders in collaborative activities to shape global, regional and industry agendas at the beginning of each year. Well, the theme of this 2020 forum is ‘Stakeholders for a Cohesive and Sustainable World’. While we have highlighted some notable events from the digital assets’ perspectives.
The annual meeting of the World Economic Forum has taken place in Davos, Switzerland from January 20 – 24th. Wherein, Giancarlo has delivered his debuted public speech devoted to the blockchain-based Digital Dollar project.
Giancarlo divulged his intentions behind the project at the Block’s event in Davos on Wednesday which is for the circulation of U.S. central bank money that has remained “strictly local” and its functionalities are “limited.”
“We seek to encourage the next major innovation in the U.S. currency: a tokenized fiat currency issued by the Federal Reserve System,” said Giancarlo. “A new digital form of the Dollar that, alongside traditional fiat coins, bank notes and reserves, would enjoy the full faith and credit of the U.S. government as central bank money.”
Christopher Giancarlo is popularly known as “Crypto Dad” also, has recently established a non-profit foundation to studying and promoting a digital US dollar.
Digital Dollar Foundation which is a multi-stakeholder initiative, has partnered with Accenture to launch the Digital Dollar Project or to advance exploration of a United States Central Bank Digital Currency (CBDC).
“The digital 21st century is underserved by an analog reserve currency, a digital dollar would help future-proof the greenback and allow individuals and global enterprises to make payments in dollars irrespective of space and time. We are launching the Digital Dollar Project to catalyze a digital, tokenized U.S. currency that would coexist with other Federal Reserve liabilities and serve as a settlement medium to meet demands of the new digital world and a cheaper, faster and more inclusive global financial system.”