- The former chairman of the Commodity Futures Trading Commission, J. Christopher Giancarlo, believes that the future lies in crypto, CBDCs, stablecoins, and more, rather than just one or the other.
- Giancarlo, who is the executive chairman of the non-profit Digital Dollar Project, says that the global financial system is changing rapidly, with various digital currency networks, both centralized and decentralized, emerging.
- He emphasizes the importance of shaping the future of digital currencies in accordance with democratic values, constitutional freedoms, and civil rights, and calls for collaboration between the public and private sectors.
Former CFTC chair says crypto, CBDCs, and stablecoins will all play a role in the future of finance.
Executive Chairman Outlines the Future of Digital Currency
J Christopher Giancarlo, executive chairman of non-profit U.S. CBDC organization the Digital Dollar Project, spoke at the Financial Times Crypto and Digital Assets Summit. He said that CBDCs, stablecoins, and crypto will all be part of the future of digital currencies. This contradicts the common view that CBDCs will suppress crypto adoption. The Digital Dollar Project aims to explore digital innovation in money in a neutral way.
The Digital Dollar Project’s Plan for a US Digital Currency
The Digital Dollar Project, led by former CFTC chair Giancarlo, believes the time is right for a US digital dollar. The project released its first white paper outlining a plan for developing a US CBDC. The project is a partnership between the Digital Dollar Foundation and consulting firm Accenture. Giancarlo stepped down as CFTC chair last year and co-founded the Digital Dollar Foundation to work on creating a US digital currency.
November Conference Lays Out the Future
At a November 2019 Digital Dollar Project conference, Giancarlo said digital currencies both centralized and decentralized are coming very quickly. He explained that now is the time to develop global standards for these new forms of money.
Giancarlo’s Vision of the Evolving Financial System
Giancarlo sees the current financial system transitioning to a mix of decentralized networks like Bitcoin and centralized digital currencies from banks, companies, and governments. Many people have concerns about privacy and government control over financial data in this new system. CBDCs in particular raise fears of surveillance and transaction censorship.
The Need for Privacy and Constitutional Rights
Because of these concerns, Giancarlo said it’s imperative that new digital currencies consider privacy implications. He said the emergence of digital money must be consistent with constitutional freedoms and civil rights. The Digital Dollar Project believes CBDCs, stablecoins, and crypto can enhance freedom if developed properly.
Call for Public and Private Collaboration
Giancarlo said the public and private sectors must collaborate, as they did with the early internet, to shape digital currencies in line with human values. He said innovation should be guided by ideals of human dignity and freedom.
Conclusion
The former CFTC chair believes crypto, CBDCs and stablecoins will all play a role in the future of digital money. He called for collaboration between the public and private sectors to develop digital currencies that preserve privacy rights and align with democratic values.
