Christopher Giancarlo has an idea. The former Chairman of the US Commodity Futures Trading Commission starts a digital Dollar project for the development of a virtual currency, which is supported by the U.S. government.
For the longest time in the history of mankind money was physical – Rai-stones, shells, or the physical Notes, which we use for centuries. But with the introduction of loans and credit cards in the global economy, as well as digital payment systems such as PayPal, Revolut and Venmo, the money has begun, at least in the Western world to transform itself into a digital Form. The thing is that this digital money is far from efficient: You can’t handle on their own, as it would be in the case of physical accounts of the case, and the fees can be rapid because of the variety of digital payment systems quickly.
It should come as no surprise, therefore, that the innovators have sought new solutions to compensate the current node in the global payment system. Such a solution, as proposed by the former Chairman of the Commodity Futures Exchange Commission (CFTC) and Christopher Giancarlo, would be the complete digitization of the dollar. During his speech at this year’s Crypto Finance Conference from 15. to 17. January in St. Moritz, noted Giancarlo,
We sent a man to the moon. We can send the Dollar into Cyberspace.
Giancarlo says that his Vision includes the digitisation of the US dollar:
The creation of a digital US Dollar currency, which enjoys the full trust and recognition of the U.S. government, minted by the U.S. government, the Federal Reserve, and the traditional banking system is distributed.
Rumors about a digital Dollar to coincide with China’s March towards a digital Yuan. Giancarlo goes on to clarify fort:
[Digital Dollar] would not be a Stablecoin. It would actually be a digital Dollar. At the Moment there is the Dollar in two different forms: as a coin and as paper. We propose a third Form of the dollar: the digital Dollar.
Giancarlo says that a digital Version of the dollar will keep him on the world stage competitive:
We believe that an analogous currency of the 20th century. Century, rated the importance of the dollar in global trade really under-or underestimated, while we delve deeper into the digital 21st century. Century, rated the importance of the dollar in global trade really under-or underestimated. If you look at the history of human trade, then you had mostly multiple currencies, both on a national and state currencies as well as currencies, the orbits of the company, of iron, were issued by corporations and joint-stock companies.
The last few generations, in which the Dollar had its global dominance, are really almost unprecedented in human history. And I wouldn’t be surprised if we go back in time to an Era, which is to be found in the history of mankind, more frequently, of several instruments for various purposes. Now, I don’t think the Dollar will randomly lose its importance on the market soon.
I think he plays not only for the United States, but also for trade in the global environment an important role. And I think that is a very good thing, but I think that the creation of a digital dollar is to get the meaning of the dollar, and at the same time I would like to see the spread. As one of the Winklevoss brothers says: “Optionality is a good thing”. And I think that Optionality in the global trade is also a good thing.
“We sent a man to the moon. We can send the Dollar to cyberspace.” Yesterday, on stage at @cfcstmoritz 2020, @giancarloMKTS announced the imminent launch of the Digital Dollar Project to help turn that statement into reality. More in today’s @WSJ article: https://t.co/y2YvJk2BZB pic.twitter.com/HNA91AOw1G
— CfC St. Moritz (@CFCstmoritz) January 16, 2020
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