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With China looking into its own CBDC, the US is being encouraged to digitalise the dollar
- All around the world central banks are asking themselves the question on whether they should issue a central bank digital currency.
- You see, it all started when one of the biggest social networks in the world, Facebook announced its libra stablecoin.
All around the world central banks are asking themselves the question of whether they should issue a central bank digital currency. You see, it all started when one of the biggest social networks in the world, Facebook announced its libra stablecoin. From there, China adopted blockchain with open arms and with the world currently under lockdown thanks for the coronavirus, central-bank digital currencies have been pondering on the subject even more.
In the United States, there is support from many significant figures in government. The former chairman of the commodity futures trading commission (CFTC) Chris Giancarlo, spoke in a recent podcast where he said that he believes that Facebook’s upcoming currency and China’s digital feet project for all good reasons for the United States to consider making the dollar digital. He further said:
“I really think that what China’s doing and other countries are doing should catalyze us to realize that we need to re-look at the architecture of our own fiat currency.”
The former chairman also gave his opinion that if the dollar is digitalised, it would provide a great deal of social utility.
This is a service that could benefit 80% of the population however, questions are raised as to what unbanked people/families do. With the United States being a developed country, it also raises the question as to how many people are actually unbanked in the nation.
Nevertheless, the digital dollar could benefit the country in numerous ways. It’s something that’s been on the table for cryptocurrency enthusiasts for years now and it only took a global pandemic to make the government realise it.
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