Christopher Giancarlo, former chairman of the US Commodity Futures Trading Commission (CFTC), has said that, in his opinion, the Federal Reserve should launch a digital dollar.
As Giancarlo said on February 21 during the Yahoo! Finance On the Move program, "the Fed must issue a digital currency in order to compete with China’s central bank digital currency (CBDC)."
The former president of the CTFC says that the launch of this currency would be beneficial for US online shopping, as it would eliminate the fees that are paid to intermediaries involved in payments.
Giancarlo believes a Fed-issued digital dollar could coexist with Bitcoin or Libra, Facebook's stablecoin, as each of these projects has its own "value propositions."
In addition, he assures current US laws must be updated in order to adapt to the changes cryptocurrencies are bringing to financial institutions.
iHodl reported in January Giancarlo is leading a non-profit project aimed at promoting a digital dollar.
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