Christopher Giancarlo, former Commodity Futures Trading Commission (CFTC) asserts that Central Bank Digital Currencies (CBDCs), stablecoins and cryptocurrencies are the future of finance, he commented while at the Financial Times Crypto and Digital Assets Summit.
Also leading the Digital Dollar Project as co-founder and executive chairman, Giancarlo said the US should only consider issuing a CBDC once key design elements are properly understood to avoid security and privacy risks.
He added, some will be decentralized just like Bitcoin (BTC) while others will be centralized in various ways and managed by several global banks and very large technology firms.
It's true that many are concerned that CBDCs could allow governments, banks or big tech to access financial data, but the emergence of such digital networks is critical to constitutional liberties and civil rights.
The Digital Dollar Project strongly believes that CBDCs, stablecoins and cryptocurrencies can improve the free world, however the public and private sectors must work together just as they did with the internet.
As such, Giancarlo calls on everyone to shape the future of finance, banking and money itself according to the best human values.
Please note that the Digital Dollar Project last November hosted a conference with the non-partisan international affairs organization Atlantic Council that brought together international policymakers, privacy advocates, central bankers and more.
