The calls for the creation of a national digital currency continue to increase. Most recently, former Commodities Futures Trading Commission (CFTC) chief Christopher Giancarlo has also added his voice to the calls for a national digital currency in the US.
Popularly known colloquially as ‘Crypto Dad’, Giancarlo aired his opinion as he spoke on Yahoo’s ‘On The Move’. According to him, the US must act fast with the development of a digital dollar because China is already ahead. In December last year, the People’s Bank of China was reported to be concluding preparations to begin testing its own central bank digital currency (CBDC). The test was to start in Shenzhen and Suzhou cities with some major telecom companies and a few other commercial banks.
The former chairman is also positive that the digital dollar will run side by side with other digital assets. He doesn’t believe that there will be any competition between the digital dollar and cryptocurrencies such as Bitcoin or Ethereum.
Giancarlo also suggests that a digital dollar might be inevitable. According to him, the future will see a near-complete shift away from physical cash, into mobile wallets for electronic payments. He believes that that space cannot be held for long by credit or debit cards and soon enough, consumers will want something else.
Image Credits: Pixabay
