Christopher Giancarlo, former CFTC official launches a project to create a digital dollar

The race for the implementation of new technologies between the United States and China is increasingly evident: while China is making rapid progress in the development of its digital yuan, former CFTC official Christopher Giancarlo promotes the development of a digital dollar.

Christopher Giancarlo, former CFTC official launches a project to create a digital dollar

The digital dollar project

The former president of the Commodities Futures Trading Commission (CFTC), J. Christopher Giancarlo, promotes the development of a US digital dollar based on Blockchain technology. Giancarlo founded the Digital Dollar Foundation, a nonprofit foundation made up of a committee of blockchain experts who aim to study the development of a fully digital US dollar based on blockchain.

The project - founded by Christopher Giancarlo, his brother Charles Giancarlo and the former CFTC official in charge of fintech research, Daniel Gorfine - will be supported by Accenture PLC, the multinational company dedicated to the provision of consulting services, technological services and outsourcing.

According to Giancarlo, it is necessary to start the development of the new technologies as soon as possible since it could lose its global economic leadership if it lags behind China, which is already developing its own project to create the digital yuan. In this regard, Giancarlo said: “Large participants, including central banks and social media platforms, can launch new currencies in the coming years. As their networks grow, they could eventually erode the state of the dollar as the most popular currency for international exchange."