Former chairman of the Commodity Futures Trading Commission (CFTC) believes the US government should start developing its own digital dollar, independent of central banks.
According to Christopher Giancarlo (Christopher Giancarlo), the dollar may lose the status of international currency if other countries begin to create their own digital coins. He drew an analogy with the pound, which ceased to be the most sought-after currency after World War II.
To avoid this situation, Giancarlo proposed creating his own digital dollar, which will be managed by an independent group of banks and other payment organizations. The former CFTC chairman said:
“Central banks and large social platforms can launch new cryptocurrencies in the next few years. Such stablecoins, as they develop, will significantly reduce the influence of the American dollar on the world stage. ”
Giancarlo also put forward a proposal according to which the funds entering the system should be exchanged for digital US dollars, and then placed on special escrow accounts maintained by the US Federal Reserve.
Recall that in August, the People’s Bank of China announced that it would accelerate the development of its own digital coin. According to the Chinese authorities, the state cryptocurrency will provide the best control over the sphere of finance and payments in the country.
In addition, in June, the head of the Central Bank of Russia Elvira Nabiullina said that the Central Bank of the Russian Federation will consider the possibility of issuing its own digital currency when distributed registry technologies become more “mature”.