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Former CFTC Chair: If the U.S. doesn’t move on a digital dollar, it can lose its technological and financial edge

2022/02/25 23:20

According to Coindesk, Former Commodity Futures Trading Commission (CFTC) Chairman J. Christopher Giancarlo, is worried central bank digital currencies (CBDC) in the hands of adversaries can bust U.S. sanctions. That’s why the U.S. should accelerate creating its own “digital dollar”. He said that If the U.S. doesn’t move on a digital dollar, it can lose its technological and financial edge. Although Giancarlo claims a U.S. CBDC would, as he previously wrote, “extend the central role of the U.S. dollar in global finance and allow it to compete confidently in the new digital era,” he is not “for or against” sanctioning Russia. He is concerned, however, that the extensive use of sanctions could be “the last hoorah” for that political weapon, and drive foreign states and companies to circumvent U.S. law. That could be concerning, he said. If the U.S. fails to accelerate developing a CBDC, its rivals, particularly China, could end up dominating the underlying technology used by others.
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