Former Chairman of the Commodity Futures Trading Commission (CFTC) Christopher Giancarlo once again expressed his support for the creation of a US national cryptographic currency.
Giancarlo made his statement during On the Move program on Yahoo Finance channel. He stressed that the U.S. Federal Reserve should release digital currency in order not to lose to China, which is preparing to release digital yuan.
Giancarlo believes that the release of the U.S. national crypt currency will contribute to the growth of online trading in the country, as it will allow getting rid of intermediate systems such as credit or debit cards.
"When we talk about the digital dollar, we mean creating a currency that will be the same payment means in the digital world as the ordinary dollar in the real world," he said.
At the same time, the former CFTC chairman stressed that the creation of a national crypt currency would not be an obstacle to the development of third-party cryptov currencies, such as Libra.
"I think that the market always wins in a highly competitive environment. An instrument like Bitcoin can be the equivalent of a digital dollar or the equivalent of digital gold," said Giancarlo.
He also said that the U.S. regulatory infrastructure needs to be adapted to new technologies. The current laws have existed for over 90 years and need to be updated, and the digital dollar can provide the impetus needed to process regulatory documents.
This is not the first time the former CFTC chairman has expressed his support for the creation of the US national crypt currency. He expressed the same opinion last autumn, saying that the U.S. dollar may lose its status as an international currency.
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