The digital dollars, comes shortly after the Chinese digital Yuan?
By the end of 2019, the former Commodity Futures Trading Commission (CFTC) has been the Chairman of J. Christopher Giancarlo, with a Reportage for the Wall Street Journal for a lot of turmoil in the crypto-community causes. Giancarlo had publicly suggested the idea to digitize the U.S. Fiat currency in a Blockchain-based System, and added that the Dilemma of a declining US dollar could be solved by this solution necessarily.
The project of the digital Dollars up to the year 2020, with Accenture as its Partner for the introduction of a digital currency is the U.S. occurred at a Central Bank. In fact, reports had claimed that it would not wait for a green Signal from the US Central Bank. In a recent Interview with Messaris Ryan Selkis, a former CFTC Chairman said he think that the fact that institutions with the plans of Libra and the digital Yuan of China, to highlight the fact that the United States should consider these factors as the “good reasons”, to the digitization of the US dollar is a priority.
Giancarlo also suggested that the current financial structure of the day is obsolete to-day, and added that the government needed to develop a structure that would revolutionize the current System and improve it. He said:
We need to look at the architecture of our Fiat currency. Much of what is now developed commercially, is a remedy for the lack of digital infrastructure for our own Fiat currency.
As he spoke about the use cases of the digital Dollars, said Giancarlo, that Transfers could be handled over the whole world faster, while individuals and communities without a Bank account would at the same time get access to the previously closed System, which corresponds to what is called for in the white paper of Facebook’s Libra. From previous Reports it is widely known that the Initiative for the digital dollars would not be a derivative of the Fiat dollar. The digital Dollar is fully supported by the US Dollar and would be treated as legal tender. The digital Dollar, however, must be based on a Blockchain System.
The Initiative for the digital Dollar has gained lately a lot of ground, after the Democrats of the house of representatives bills with the titles of “Take Responsibility for Workers and Families Act” and “Financial Protections and Assistance for America’s Consumers, States, Businesses, and Vulnerable Populations Act” had drawn up, both of which are short, the use of the project for the digital Dollar to facilitate payments to ordinary citizens mentioned. The lawmakers introduced the bill last week, and a digital payment system is organized by the Federal Reserve and its member banks, to send this money directly to the citizens of the US, to assist you in spending during the COVID-19-measures, which have already led to massive unemployment and a serious recession.
After the last 1.404-page draft U.S. citizens would receive $ 1,500 per Person, although individuals with an income of more than $ 75,000 and couples with incomes of more than $ 150,000 would have to pay back the funds. Whether or not the digital dollars will come seems to be currently, however, very questionable. While in the Parliament, President Nancy Pelosi on Monday presented a draft law not to be a language of digital dollars, mentioned a separate one of the members Maxine Waters introduced the draft law with the title still has the digital Dollar.
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