Call for the US to Influence CBDC Development to Safeguard Democratic Values

03/14/2023 06:38 • Metaverse Matters • 92 views

It is reported that Christopher Giancarlo, the former chairman of the United States Commodity Futures Trading Commission (CFTC), said in an article that the United States “must influence” the development of CBDC to protect “democratic values such as freedom of expression and privacy” and make use of the current technology used by some cryptocurrency protocols.

Former CFTC Chairman of the United States: The United States must advocate a CBDC that guarantees high privacy

Analysis based on this information:

In a recent article, Christopher Giancarlo, former chairman of the United States Commodity Futures Trading Commission (CFTC), urged the US to take an active role in the development of Central Bank Digital Currencies (CBDC) to protect democratic values like freedom of expression and privacy. Giancarlo highlighted the potential of CBDCs in improving financial inclusivity and reducing transaction costs while emphasizing the need to safeguard against potential risks.

According to Giancarlo, the US must not let China lead the CBDC race as it could significantly undermine the US dollar’s status as the world’s dominant reserve currency. He asserted that CBDCs present an opportune time for the US to reassert its leadership and showcase its technological prowess. Giancarlo emphasized that the development of CBDCs must focus on democratic values, including privacy, transparency, and security.

The article adds to the growing discussion surrounding CBDCs, which, unlike traditional digital currencies, are state-backed and can operate alongside cash. CBDCs have been gaining traction among central banks globally, with China already leading the development of its digital yuan. The US Federal Reserve is also exploring the possibilities of a digital dollar, and several bills have been introduced in Congress advocating for the development of CBDC.

Giancarlo’s call for the US to lead the CBDC race aligns with the country’s traditional role as a global superpower. However, the emphasis on democratic values and privacy highlights that CBDCs must go beyond just technological innovation and function as a means of promoting financial inclusion and protecting citizens’ rights. Giancarlo’s comments also reflect the increasing tension between China and the US over technological supremacy, with the development of CBDCs becoming an essential battleground for the two superpowers.

In conclusion, the development of CBDCs presents both risks and opportunities, emphasizing the need for thorough consideration and evaluation. Giancarlo’s article calls for a robust regulatory framework that accounts for democratic values such as privacy, transparency, and security. It is imperative that the US takes an active role in shaping the development of CBDC, ensuring that they provide a means for promoting financial inclusion while safeguarding democratic rights.

This article and pictures are from the Internet and do not represent aiwaka's position. If you infringe, please contact us to delete:https://www.aiwaka.com/2023/03/14/call-for-the-us-to-influence-cbdc-development-to-safeguard-democratic-values/

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.