- J.Christopher Giancarlo the former Commodities and Futures Trading Commission Chairman thinks so and wants the government to consider it too.
- The former regulator thinks that the Federal Bank needs to create and issue a cryptocurrency to catch up with the likes of the Chinese government.
J.Christopher Giancarlo the former Commodities and Futures Trading Commission Chairman thinks so and wants the government to consider it too. The former regulator thinks that the Federal Bank needs to create and issue a cryptocurrency to catch up with the likes of the Chinese government.
He thinks that the digital version of the dollar could take on many forms, but the cryptocurrency will completely replace the physical currency and stay in digital wallets rather than hard cash in physical wallets.
His idea is that the merchants, whenever they have to transact with the cryptocurrency made by the Federal Bank, will have to join into the blockchain of the Federal Bank.
His views are based on the fact that the growth of online shopping and commerce has seen a huge growth in the United States of America and around the world, so the users should be given more options except for the traditional debit or credit cards.
-said Giancarlo, the former regulator.
The bank of International settlements had conducted a survey earlier this year, and the bank noted that 80 percent of the central banks were already doing some work on their own digital currencies, which backs the points made by J.Christopher Giancarlo.
China has been already testing a digital form of its national currency yuan. Ten percent of the banks around the world also said that they would want something to be ready to be issued in the short term if needed.
What are your thoughts on this? Do you think that making a digital version of the national currency is a good approach or do you think that cryptocurrencies in total are overrated and not required?
Looking at the current scenario, it seems that we are not far from the day when the central bank of our country will be issuing a digital form of the official currency.
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