As part of the Consensus 2020 virtual conference, three leaders of the Digital Dollar project hosted an AMA on May 11, reflecting carefully on the future of money in the United States. United States
The speakers and the project
The AMA or ask me what it is in Spanish, with J. Christopher Giancarlo and Daniel Gorfine, former president and former head of the financial technology subsidiary at the Commodities and Futures Trade Commission. The two spoke to Cointelegraph in late March when lawmakers were looking for a digital currency to spread the COVID-19 incentive.
Today’s panel also included David Treat, an Accenture Manager who worked with the Digital Dollar Project.
Summarize the goals of the project very well, Giancarlo said: “We will do everything we can to serve the dollar as best we can in the 21st century.”
CBDC and privacy
Within the cryptocurrency community There is great concern that a potential digital dollar or central bank digital currency may compromise privacy with cash.
Treat commented on guidelines regarding knowing his customers “The endpoints for the distribution of digital dollars are an integral part of the political decisions we are currently making.”
“You can set certain thresholds and limits,” said Gorfine, referring to the $ 10,000 cash transaction rule that the government is pursuing. “You can mine many of the analogs that we are currently implementing with physical money.”
Although Giancarlo insists that the Digital Dollar Project does not include CBDC projects in other countries, he alluded to concerns about China’s human rights violations and its proposed digital renminbi: “If the US dollar can provide data protection features, other national currencies may not would further strengthen the role of the dollar. “
Is it just a matter of time?
During the AMA live broadcast, Consensus interviewed viewers. According to a question about when to expect widespread use of a digital dollar, 42% of respondents said in three years, while 32% said in five years. Only 7% never said.
The consensus started today with a speech by a representative of the European Central Bank on CBDCs. The problem seems to have caught the attention of regulators around the world.