Private companies should be involved in the development of the digital dollar

Coinbase cryptocurrency exchange legal director Brian Brooks believes the U.S. government should not stop private companies from developing a digital dollar.

Brooks said private corporations are best suited to develop a digital US dollar, and the government should step aside and not get in the way. It is also not necessary to regulate the digital currency blockchain, or you need to do this to a small extent.

“The best way is one that takes advantage of our country’s desire for innovation, and also reflects the historical realities in which the government gave wide freedom for private innovation in the financial system. We do not need the government to control the blockchain or the companies that produce stablecoins. It’s the same as if the authorities determined the technologies used by private and investment banks, ”he said.

The ideal option, according to Brooks, is a partnership in which private corporations leave the state control over monetary policy. At the same time, the state, in turn, “does not meddle” in the management of technological infrastructure.

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Recall that recently, the former chairman of the Commodity Futures Trading Commission (CFTC), Christopher Giancarlo, said the US government should start developing its own digital dollar.