Christopher Giancarlo, who was the head of the Commission on the derivatives trading (CFTC), will be engaged in digitizing the US dollar using blockchain technology. Christopher has already launched a website that explains the goals and objectives of the project. The idea was supported by Christopher’s brother Charles Giancarlo and hedge fund Silver Lake Partners.
The organization explains the emergence of The Digital Dollar Project by further developing the ideas that were presented in a joint article by Christopher Giancarlo and Daniel Gorfine, which was published 3 months ago in the Wall Street Journal.
According to the creators of the project, the digital dollar will become the third type of currency – still secured by the Reserve Fund, but simple and fast, with a transaction speed of a fraction of a second.
At this stage, the main goal of enthusiasts is to launch active discussions of ideas in order to identify the potential value, advantages and additional areas of use. In parallel, the organizers plan to develop frameworks for the first steps in the implementation of the plan.
In the post published on The Digital Dollar Project, Christopher writes:
“A digital dollar would help future-proof the greenback and allow individuals and global enterprises to make payments in dollars irrespective of space and time. We are launching the Digital Dollar Project to catalyze a digital, tokenized U.S. currency that would coexist with other Federal Reserve liabilities and serve as a settlement medium to meet the demands of the new digital world and a cheaper, faster and more inclusive global financial system.”
This development is initially planned only in full compliance with US laws and also exclusively in the interests of the government and in addition to existing initiatives of the country’s financial institutions.
Christopher Giancarlo’s ideas will be developed by the nonprofit Digital Dollar Foundation in partnership with Accenture. In December 2019, Accenture began working with the Central Bank of Sweden to create a digital crown.