Ex-CFTC Chairman: US Must Create an Independent Blockchain Dollar
William Suberg's original article for cointelegraph.com reduced by 43%
The ex-head of the United States' commodities regulator thinks the government must digitize the dollar and take power away from central banks. In an opinion piece for the Wall Street Journal on Oct. 15, J.
Christopher Giancarlo, former chair of the Commodity Futures Trading Commission or CFTC, argued the dollar could lose status in the future. The answer, he argued, is to create a new form of dollar. "We propose a digital dollar-a government-sanctioned blockchain protocol, created and maintained by an independent nongovernmental group but administered by banks and other trusted payment organizations," he explained.
Unlike many banking sources that have discussed digital currency, the digital dollar concept hints directly at decentralizing power over money. Giancarlo compared the potential dollar decline to the pound sterling's loss of power after World War II. The theory chimes with Bitcoin proponents, with Saifedean Ammous' book "The Bitcoin Standard" also noting global reserve currencies come and go at regular intervals.
Leaving the gold standard, he claims, all but guaranteed the fate of modern fiat currencies, including the dollar.
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CN [too long; didn’t read]
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