Former CFTC Chairman would like to introduce “Blockchain-Dollar”
China had announced a few weeks ago the launch of the digital Yuan for the first quarter of next year. Many other countries are already thinking for some time about the introduction of a Central Bank backed cryptocurrency or digital currency. A former CFTC Chairman brings the proposal to develop a “digital dollars”, which is managed by the FED.
A former CFTC Chairman and a former CFTC chief Innovation officer argued that America should send in a yesterday from the Wall Street Journal published the article “the Dollar in the Cyberspace”. The Report was authored by J. Christopher Giancarlo and Daniel Gorfine, both former employees of the Chairman of the Commodity Futures Trading Commission – one of the toughest financial regulators in the United States. Giancarlo and Gorfine propose a “digital dollars – a government-controlled Blockchain Protocol, by an independent non-governmental group created and maintained, but by banks and other payment organizations to recognize is managed”.
According to the System in the System used, cash is exchanged “on a Blockchain against digital U.S. dollars, with the cash in special trust accounts that the Federal Reserve is deposited”. The authors are of the view that the new System will acknowledge the authority of the “trust, regulated intermediaries to manage digital Wallets and for the validation of transactions” would be maintained, while exploiting at the same time, the use of the advantages of the Blockchain, such as higher Transaction speed, security and low costs.
The System would also back up the “Central role of the US dollar in the world economy” with new technological advances and expand. Giancarlo and Gorfine expressed concern about the initiatives of the social networks to the digital currency, the Libra, which they believe that they “could eventually get the Status of the dollar as the most popular currency for international exchange undermine” – a concern shared by U.S. senators and representatives, in relation to the Facebook proposed cryptocurrency Libra. They also stressed the concern about new digital currencies issued by Central banks, such as the forthcoming digital Version of the Yuan by the Chinese government.
The authors propose a pilot program that would allow people to use Smartphone Apps to buy digital dollars and then use it for everyday purchases. If America can put a man on the moon, as an argument, then you can also bring a functioning and trusted digital dollars on the market. While America recorded in this area, no significant progress has announced the super power of China, the introduction of digital Yuan at the beginning of next year.
Since the announcement of Libra is kindled on the right race, who first his own digital currency, backed by the Central Bank of the country, on the market. China is considered as the biggest economic competitor of America, and the publication of a Central Bank based currency is significantly closer than the wirtscht makes number one. Iran, Turkey but also in Switzerland working on the development of a Central Bank backed digital currency.
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