Former CFTC Chairman giancarloMKTS says if the U.S. were to design a digital dollar that protects privacy and is free of surveillance tools it “would take over the world.” _franvela report
from creating a direct-to-consumer central bank digital currency. Congressman Tom Emmer also introduced a bill prohibiting the Federal Reserve from issuing a central bank digital currency directly to individuals.
Giancarlo said he doesn’t entirely agree with the lawmakers but he does understand their concerns about protecting people’s privacy and their autonomy in an internet-based financial system. Lawmakers may be apprehensive because they, “are likely looking to the Chinese model,” which he said, “has already created a benchmark for what a central bank digital currency could be like.”
“Where I differ with them is the assumption that we in America, the world’s most ingenuitive nation history’s ever known, could not design a very different central bank digital currency,” Giancarlo said. He added that if the digital dollar is created using open architecture, it could potentially satisfy users’ surveillance concerns.
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