March 28, 2024

Christopher Giancarlo again supported the creation of a digital dollar

Former Commodity Futures Trading Commission (CFTC) Chairman Christopher Giancarloonce again expressed support for the creation of the US national cryptocurrency.

Giancarlo made his statement induring the On the Move program on Yahoo Finance. He stressed that the US Federal Reserve must issue a digital currency in order not to lose to China, which is preparing to issue a digital yuan.

Giancarlo believes that the release of the nationalUS cryptocurrencies will contribute to the growth of online trading in the country, as it will get rid of intermediate systems such as credit or debit cards.

“When we talk about the digital dollar, we mean the creation of a currency that will be the same means of payment in the digital world as an ordinary dollar acts in the real world,” he said.

At the same time, the former CFTC chairman emphasized that the creation of a national cryptocurrency will not be an obstacle to the development of third-party cryptocurrencies such as Libra.

“I think that the market always wins in conditionsfierce competition. An instrument like Bitcoin can act as the equivalent of a digital dollar, or it can be the equivalent of digital gold, ”Giancarlo believes.

He also stated that the regulatoryUS infrastructure needs to adapt to new technologies. Current laws have existed for more than 90 years and they need updating, and a digital dollar can give the momentum that is needed to process regulatory documents.

This is not the first time that the former CFTC chairmanspeaks out in support of the creation of a national US cryptocurrency. He expressed the same opinion last fall, saying that the US dollar could lose its status as an international currency.

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