Ex-CFTC Regulator Launched The Digital Dollar Project

The Ex-CFTC regulator, better known as the Crypto Dad, is just getting started in the crypto industry with his new role as running a non-profit that aims to digitize the dollar known as the Digital Dollar Project as we are reading in the altcoin news today.

Christopher Giancarlo, the now ex-CFTC regulator known as the ‘’Crypto Dad’’ was adored by the crypto community because of his favorable stance towards the digital asset industry and has now partnered up with Accenture to launch his Digital Dollar Project. The initiative is a non-profit that wants to explore the US Central Bank Digital currency and to make possible for future digitization of the US dollar. Giancarlo argued:

 “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.”

Giancarlo however, could face a lot of pressure and opposition. The CBDCs have already been largely confined to speculation and very little action since now China is the only exception. However, some of the central bankers are really keen on the idea.
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Last year, Rob Kaplan, the CEO of the Federal Reserve Bank of Dallas which is only one of the twelve regional Reserve Banks in the Federal Reserve System, explained:

 “We have not at the Fed decided to pursue or drive to develop a digital currency, but it’s something we’re actively looking at and debating.”

The former head of the Commodities and Futures Trading Commission has always been open to embracing the digital possibilities. He strongly believes in the blockchain technology and the digitization of assets as we could see in the recently aired Washington Post op-ed of last October when he said:

 “We Sent a Man to the Moon. We Can Send the Dollar to Cyberspace.”

The senior managing director and blockchain lead at Accenture David Treat, confirmed his support for the advocacy efforts saying that a central bank digital currency is the key enabler for further modernization of the financial system and will boost the material economic and social spheres and will form the basis for the wave of more innovation.