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Chris Giancarlo: U.S. risks becoming 'backwater' without central bank digital currency

June 22, 2021. Summarized by summa-bot.

Compression ratio: 28.3%. 1 min read.

When politicians hardly understand blockchain, how do you bring them around to a CBDC? Chris Giancarlo might have some answers.

The former regulator is now leading the Foundation towards five pilot programs set to launch this year, part of a broader effort to help the United States regain the lead in a race against China towards a functioning CBDC.

[. . . ] And this is why it's one of the reasons why the digital dollar project, we're so animated, because we feel that our new mission is to make sure central banks wake up to this and the US Fed wakes up to this, that these social values that got us here, the rule of law, a free capital markets, free enterprise, zones of individual economic privacy, are ingrained in a new digital future of the US dollar, and that we don't allow ourselves to be taken in by what China's doing and match that state surveillance approach. ”

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