TOKENIZE DOLLAR STATEMENT FROM FORMER CFTC CHAIRMAN

TOKENIZE DOLLAR STATEMENT FROM FORMER CFTC CHAIRMAN

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A tokenized US dollar would make it easier for the government to put money into the hands of people in need during crises like the covid-19 outbreak, according to a high-profile lobby group trying to make the digitized USD a reality.

J. J., Former Chairman of the U.S. Commodity Futures Trading Commission (CFTC),serving with Giancarlo as CFTC's first Chief Innovation Officer It is led by Christopher Giancarlo and Accenture's global blockchain leader David Treat. Giancarlo first explained about the project this January during the World Economic Forum in Davos. The trio launched the project on Monday, once again via live coverage during CoinDesk's Consensus conference.

Giancarlo said his time as CFTC chairman convinced him that America's financial market infrastructure was outdated. This has global implications, particularly in light of China's plans to issue a central bank digital currency (CBDC). It also poses problems domestically, as revealed by the covid-19 outbreak.

"Money is a public property," he said, noting that when a digital dollar is found in his hand, the government can more accurately distribute incentive money, a reference to reports that many aid checks go to the wrong recipients.


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