Ex-Chairman of the CFTC Christopher Giancarlo plans to promote the idea of digitizing the US dollar using blockchain technology by launching The Digital Dollar Project for this purpose.
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The organization’s statement said the launch of The Digital Dollar Project was a logical follow-up to an article published by Christopher Giancarlo and another initiative sponsor Daniel Gorfin in October 2019 in the Wall Street Journal.
The digital dollar, according to the authors of the project, will be the third currency format, will be provided with reserves of the Federal Reserve and, having a digital form, should be as easy to carry out transactions as, for example, sending text messages.
Among the main goals of the initiative are called stimulating research and public discussion about the potential benefits of the digital dollar, as well as developing a framework for practical steps that can be taken to implement such an idea.
It is also noted that the project will adhere to the key interests of the government, support existing Fed projects and focus on a number of key guidelines.
Compliance with these principles should ensure that the digital dollar project will meet the basic requirements in the field of legislation, security, privacy, economic and cultural requirements, and also serve as the basis for better meeting the needs of the global financial system and consumers.
For more effective implementation of the goal, a non-profit organization Digital Dollar Foundation was created within the framework of the project. Accenture was named as its main technology partner, which in December became a partner of the Central Bank of Sweden on a pilot project for a digital crown platform.
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Recall, in October last year, President of the Dallas Federal Reserve Bank Rob Kaplan confirmed that the US Federal Reserve is actively considering the possibility of issuing digital currency, fearing the dollar will lose its leading position in the global financial system.