Tech News, Magazine & Review WordPress Theme 2017
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Former CFTC Chairman Launching Digital Dollar Project to Develop New Currency Fully Backed by the US Government

by Daily Hodl Staff
January 17, 2020
in Regulators
‏‏‎ ‏‏‎ ‏‏‎ ‏‏‎

‎‎‎ ‏‏‎

ADVERTISEMENT

Christopher Giancarlo has an idea. The former Chairman of the US Commodity Futures Trading Commission is launching a digital dollar project to develop a virtual currency that’s fully backed by the United States government.

While speaking at this year’s Crypto Finance Conference held on January 15-17 in St. Moritz, Giancarlo remarked,

“We sent a man to the moon. We can send the dollar to cyberspace.”

Giancarlo says his vision entails the digitization of the US dollar.

“The creation of a US dollar digital currency that would enjoy the full faith and credit of the US government, that would be minted by the US government, by the Federal Reserve, and distributed through the traditional banking system.”

Rumors about a digital dollar are coinciding with China’s march toward a digital yuan. Giancarlo goes on to clarify,

“[The digital dollar] would not be a stablecoin. It would actually be a digital dollar. Right now, the dollar comes in two different forms: comes in coin, comes in paper. We’re proposing a third form of the dollar: a digital dollar.”

ADVERTISEMENT

Giancarlo says a digital version of the dollar will keep it competitive on the world stage.

“We believe as we are going deeper into the digital 21st century, having an analog 20th century currency really undervalues or underserves the dollar’s importance in global commerce. If you look at the history of human commerce, more often than not, you’ve had multiple currencies, both nation-state currencies and also currencies issued by enterprises, by railroads, by corporations, by joint stock companies.”

He continues,

“The last few generations where the dollar has had its global pre-eminence is really almost unprecedented in human history. And I wouldn’t be surprised if we are going back to an era that’s more common in human history where you have multiple instruments serving multiple purposes. Now, I don’t believe the dollar by any chance is going to imminently lose its importance in the market.

I think it serves an important role not just for the United States but for commerce in the global environment. And I think that’s a very good thing, but I think creating a digital dollar will preserve the dollar’s importance and yet at the same time, I’d like to see the proliferation. As one of the Winklevoss brothers says, ‘Optionality is a good thing.’ And I think optionality in global commerce is a good thing as well.” 

“We sent a man to the moon. We can send the Dollar to cyberspace.” Yesterday, on stage at @cfcstmoritz 2020, @giancarloMKTS announced the imminent launch of the Digital Dollar Project to help turn that statement into reality. More in today's @WSJ article: https://t.co/y2YvJk2BZB pic.twitter.com/HNA91AOw1G

— CfC St. Moritz (@CFCstmoritz) January 16, 2020

ADVERTISEMENT


Check Latest News Headlines


ADVERTISEMENT


Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/HQuality

Submit a Press Release

Crypto Livewire – Press Releases

  • MakiSwap Raises $1.4M From Leading Investors to Build AMM Platform on Huobi Eco Chain
    April 14, 2021
  • DigitalBits To Become Premier Choice for NFTs After Litemint Partnership
    April 13, 2021
  • Ethernity Chain Launches Authenticated NFT Marketplace to Curtail Fraud
    April 13, 2021
  • ConsenSys-Backed Virtue Poker Raises $5 Million Strategic Round
    April 12, 2021
  • Cometh Partners With Alchemix for “Wizards” Collection of Yield-Generating NFTs
    April 9, 2021
  • eToro Appoints Dr. Hedva Ber, Israel’s Former Banking Supervisor, As Deputy CEO and Global COO
    April 8, 2021
  • Blockchain Provider Orbs Is Now Accessible Through the AWS Marketplace
    April 8, 2021
Submit a Guest Post
ADVERTISEMENT
ADVERTISEMENT
Bitcoin
$63,389.00
$63,389.00
0.43%
Ethereum
$2,474.36
$2,474.36
5.25%
Binance Coin
$548.13
$548.13
3.96%
XRP
$1.77
$1.77
5.29%
Polkadot
$42.98
$42.98
2.74%
Cardano
$1.45
$1.45
2.79%

Spotlight

  • Bitcoin Past Point of Potential Ban, Says SEC Commissioner Hester Peirce
    April 10, 2021
  • Kraken’s Jesse Powell Warns of Looming Government Crackdown on Bitcoin and Crypto Assets
    April 14, 2021
  • Crypto Giant Grayscale 100% Committed To Convert Its Bitcoin Trust Into ETF
    April 7, 2021
  • Bitcoin Market Cap Will Likely Never Dip Below $1,000,000,000,000, Says On-Chain Analyst Willy Woo
    April 11, 2021

DON’T MISS A BEAT

Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options

By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.

Check your inbox for confirmation email.

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX • Explore • Futuremash •
Crypto Livewire

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2021 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
  • DAILY HODL MIX

© 2020 The Daily Hodl

×