J. Christopher Giancarlo, who leads the Digital Dollar Project as co-founder and executive chairman, believes that CBDCs are not the only way forward for the financial world.
“The debate between CBDCs, stablecoins and cryptocurrencies that sometimes prevails at conferences like this is completely false,” Giancarlo said today at the Financial Times’ Cryptocurrency and Digital Assets Summit. . “The future of the world is all of the above: cryptocurrencies, CBDCs, stablecoins and more.”
This is music to the ears of many crypto enthusiasts, who see CBDCs as an oppressive force by authoritarian governments or a tool to reject cryptocurrencies as a new financial standard.
The Digital Dollar Project is a neutral non-profit organization dedicated to supporting the exploration of digital innovation in money. The company said it believes that to avoid security and privacy risks, the U.S. should only consider issuing a CBDC once the key design elements are properly understood. The company previously laid out plans for a U.S. digital currency.
Last November, the Digital Dollar Project hosted a conference with the Atlantic Council, a nonpartisan global affairs organization, that brought together international policymakers, privacy advocates, central bankers, and more.
“After those three days, two things became very clear: Digital currency networks, both sovereign and non-sovereign, centralized and decentralized, are evolving very rapidly,” said Giancarlo. He explained at the meeting. “And the second thing he says is that the time has come for global standards, dare I say enlightened democratic standards.”
As we look around the world, we see political and social divisions fueling wars. As a result, Giancarlo sees the financial system as we know it today beginning to change.
“What some call Pax Americana is gradually transforming into a 21st century global kaleidoscope of overlapping and partially interoperable digital networks of value,” Giancarlo said. he explained. “Some are decentralized, like Bitcoin, others are centralized in various forms and run by global banks or big technology companies. And others are deployed by national governments. right.”
Giancarlo said that in this future, many people across the political spectrum are concerned about the trove of financial data that governments, banks and big technology companies may have access to. This is often why people fear CBDCs, believing they can be used for surveillance or to deny financial transition.
“That is why it is imperative that free societies carefully consider the privacy implications, regardless of the form of digital currency (sovereign or non-sovereign, CBDC or stablecoin),” Giancarlo said. We argue that the emergence of valuable digital networks is consistent with core values.” norms, constitutional freedoms, and civil rights. ”
The Digital Dollar Project believes that the future of digital currencies (both CBDCs, stable coins, and cryptocurrencies) is one that can strengthen the free world. But this will require the public and private sectors to work together, as is the case with the Internet (see Internet Association, ICANN, etc.).
“Let us not be intimidated by this innovation, but rather see it as something that enhances the dignity of our fellow men and women.” Giancarlo concluded his keynote address by saying, “In accordance with our highest human values, Let's shape the future of banking and money itself.”
Edited by Stacey Elliott.
