The U.S. is too late for its Digital Dollar Currency
With Facebook's digital currency libra project, China's plans for a digital yuan have raised calls for a digital dollar—by the COVID-19 crisis and the requirement to allocate cash to Americans following in a provision for a digital dollar involved in a draft stimulus bill beginning this year.
But despite increasing calls for the Federal Reserve to start work on a digital dollar the United States is falling behind digital currency plans elsewhere globally, a former head of the CFTC has advised.
"We're falling a little bit back when you see at what other nations have done," Sharon Bowen, a former Commodity Futures Trading Commission (CFTC) commissioner who sits on the board of directors for New York Stock Exchange-owner Intercontinental Exchange currently, stated on Wed, talking on a webinar arranged by consultancy firm Accenture.
Sheila Warren, head of the blockchain at the World Economic Forum, told Wednesday's webinar attendees, "The United States is late to the game," though adding the United States can now catch up and build on its work done elsewhere.
Interest in CBDC, such as a digital dollar, inspired by the crypto BTC and probably built utilizing its blockchain technology, has exploded in current months. Central banks engage with how digital currencies, possibly being in government-created online accounts, might switch the deposit-based commercial banking operation.
France's central bank this week announced it is planning to take out a series of great experiments whose models could be used to improve the way money activities, including using digital currency to enhance cross-border payments, an examination of how a central bank digital currency should be made possible, and searching "new ways of exchanging financial instruments (excluding crypto-assets) for central bank money."
In January, it was stated that six central banks, including the euro zone's, Japan's, the U.K.'s, Sweden's, Canada's, and Switzerland's, would work together to investigate the cause for issuing digital currencies by a final statement expected in the fall, Reuters reported.
Norway is "looking at whether it may become essential to issue a central bank digital currency," the Nation's central bank deputy governor stated in May.
"There is a developing understanding that it is a race between central banks in the far east and European Union to introduce a central bank digital currency to replace USD as the single settlement currency for worldwide businesses," Richard Paulsen, chief executive of Arcane Crypto, A Norway-based cryptocurrency investment firm, stated through email.
Today, Senator Tom Cotton, who recently announced a Senate Banking Committee conference "The United States needs a digital dollar," will chair a conference on how the United States can continue competing with China, with Christopher Giancarlo, the inventor of the Digital Dollar Project, set to support the case for the making of a digital dollar.
"Central banks are met with a challenging new model where the state no longer has a monopoly on money," Meltem Demirors, chief strategy officer of CoinShares, A digital asset investment firm, stated by email, adding "governments are working to find a middle ground of allowing for innovation while reducing money laundering and monetary crimes through these new digital means."
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