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Christopher Giancarlo– former chairman of the Commodities and Futures Trading Commission (CFTC) thinks that the outright opponents of central bank digital currency (CBDC) are mostly wasting their breath.
During a speech at Consensus 2023 on Wednesday, he argued that government-backed digital dollars are largely inevitable, and will certainly exist in a world alongside private market stablecoins. 
<h2 id="the-growth-of-cbdcs">The Growth of CBDCs</h2>
The former politician – commonly referred to as “Crypto Dad” – said that money is “too important to be left to central bankers.”
<blockquote>“Money is as much a social construct as it is a government construct,” said Giancarlo. “The success of fiat money derives from the trust and the consent of ordinary citizens who place value in it.”</blockquote>
As such, Giancarlo called for discussion and experimentation within the United States as to how a CBDC might be put in place – including the values it should embody. Over 100 foreign governments are already exploring such technologies, including 19 members of the G20. “Whether or not the US deploys a digital dollar – CBDC is coming,” he continued. 
<figure id="attachment_248134" aria-describedby="caption-attachment-248134" style="width: 1024px" class="wp-caption aligncenter"><img class="wp-image-248134 size-large" src="https://cryptopotato.com/wp-content/uploads/2023/04/photo_2023-04-26_19-21-28-1024x576.jpg" alt="" width="1024" height="576" srcset="https://cryptopotato.com/wp-content/uploads/2023/04/photo_2023-04-26_19-21-28-1024x576.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2023/04/photo_2023-04-26_19-21-28-300x169.jpg 300w, https://cryptopotato.com/wp-content/uploads/2023/04/photo_2023-04-26_19-21-28-768x432.jpg 768w, https://cryptopotato.com/wp-content/uploads/2023/04/photo_2023-04-26_19-21-28-50x28.jpg 50w, https://cryptopotato.com/wp-content/uploads/2023/04/photo_2023-04-26_19-21-28.jpg 1280w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-248134" class="wp-caption-text">Crypto Dad 2(Consensus 2023)</figcaption></figure>
<h2 id="stablecoins-vs-cbdcs">Stablecoins VS CBDCs</h2>
Much attention among US regulators and the crypto industry alike has been paid to stablecoins – which have been pitched as effective private market alternatives to CBDCs. However, Giancarlo argued that private market digital dollars include all of the same <a href="https://cryptopotato.com/cbdcs-are-aimed-at-tracking-purchases-and-controlling-our-money-us-congresswoman/" data-wpel-link="internal">risks</a> that are often associated with public market ones – including privacy issues. 
“There is nothing inherently superior about non-sovereign digital currency in protecting privacy over central bank digital currency,” said GIancarlo. Private entities, he continued, could very well be <a href="https://cryptopotato.com/circle-ceo-talks-tornado-cash-sanctions-and-the-fight-for-privacy/" data-wpel-link="internal">put under government pressure</a> to conduct surveillance on their users to “disable financial transactions with disfavored groups and activities.”
Giancarlo concluded that the US should ultimately seek to provide a CBDC that embodies American values and can compete on the global stage rather than lose dominance to authoritarian digital currencies from rival nations. 
<blockquote>“The choice between stablecoins and CBDCs is a false choice,” he said. “The real choice is between financial freedom and financial control.”</blockquote>
Under Giancarlo’s leadership, the CFTC greenlighted trading for Bitcoin futures on the CME in 2017. After leaving, Giancarlo founded the digital dollar project, which sought to research how a CBDC in the United States could be properly implemented. 
The post <a href="https://cryptopotato.com/cbdcs-or-stablecoins-crypto-dad-says-both-consensus-2023-live/" rel="nofollow">CBDCs or Stablecoins? Crypto Dad Says Both (Consensus 2023 LIVE)</a> appeared first on <a href="https://cryptopotato.com/" rel="nofollow">CryptoPotato</a>.

CBDCs or Stablecoins? Crypto Dad Says Both (Consensus 2023 LIVE)

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