Ex-Chairman of the Commission on derivatives trading (CFTC) Christopher Giancarlo plans to promote the idea of digitizing the US dollar using blockchain technology, launching for this purpose The digital dollar project.
The organization’s statement said the launch of The Digital Dollar Project was a logical continuation of an article called “We sent a man into space, we can send a dollar into digital space”, published by Christopher Giancarlo and another initiative writer, former CFTC Innovation Director Daniel Gorfin, in October 2019 in the Wall Street Journal.
Christopher Giancarlo’s brother Charles and Silver Lake Partners hedge fund also joined the initiative.
The digital dollar, according to the authors of the project, will be the third currency format, will be provided with reserves of the Federal Reserve and, having a digital form, should be as easy to carry out transactions as, for example, sending text messages.
Among the main goals of the initiative are the stimulation of research and public discussion about the potential benefits of the digital dollar, as well as the development of a framework for practical steps that can be taken to implement such an idea.
“A digital dollar will help keep paper money relevant and enable individuals and international companies to make payments in dollars anywhere in the world and at any time. We are launching the Digital Dollar Project to promote the digital tokenized US currency, which will exist in parallel with other obligations of the Federal Reserve and will serve as a means of payment, responding to the need to create a new digital world and a cheaper, faster and more comprehensive global financial system. ” – it says statement Giancarlo.
It is also noted that the project will adhere to the key interests of the government, support existing Fed projects and focus on a number of key guidelines.
Compliance with these principles should ensure that the project to create a digital dollar meets the basic requirements in the field of legislation, security, privacy, economic and cultural requirements, and also serves as the basis for better meeting the needs of the global financial system and consumers.
For a more effective implementation of the goal, a non-profit organization Digital Dollar Foundation was created within the project. Accenture, which in December became partner of the Central Bank of Sweden on a pilot project for a digital crown platform.
Recall last October, President of the Dallas Federal Reserve Bank Rob Kaplan confirmedthat the US Federal Reserve is actively considering the possibility of issuing digital currency, fearing the loss of the dollar’s leading position in the global financial system.
Subscribe to ForkLog’s Newsletter Twitter!
–
Found a mistake in the text? Highlight it and press CTRL + ENTER
subscribe to news Forklog
– .
