The former US Commodity and Futures Trading Commission chair Christopher Giancarlo has released a whitepaper for US CBDC. The Digital Dollar Project aims to advance the exploration of a US central bank digital currency. The whitepaper published by Ex CFTC chairman explains the benefits of digitizing the US dollar and urges the United States to set a precedent in regards to CBDCs. According to the whitepaper, the Digital Dollar Project sees piloting a US digital dollar across a range of use cases as a critical and prudent initiative for the United States to begin now.
“The US must take a leadership role in this new wave of digital innovation.”
The ex CFTC chairman Christopher Giancarlo pointed out that throughout history, the United States has been a leader in innovation and building structures for future generations. He noted in the whitepaper that a new age of technology is unfolding that allows for digitization of things of value to become tokenized, programmable, and decentralized. He believes that the US must take a leadership role in this new wave of digital innovation by exploring its CBDC. The whitepaper stresses that the US must become more active in researching, developing, and piloting its CBCD.
China takes the lead in digital innovation.
The former CFTC chair is not the first to point out that the US is lagging in the race of digital innovation with other countries. China, on the other hand, is expected to launch its national digital yuan dubbed as DC/EP sometime this year. The People’s Bank of China has been working on its national digital currency from the last 5 to 6 years. Currently, the central bank of China is testing the centralized digital currency in four of its cities. Earlier, Ripple CEO Brad Garlinghouse had made similar comments as he urged the US government to take steps to explore digital currencies like other nations.