As part of the Consensus 2020 virtual conference, three leaders of the Digital Dollar Project held an AMA on May 11 where they reflected carefully on the future of money in the U.S.
The speakers and the project
The AMA or Ask Me Anything, in Spanish, featured J. Christopher Giancarlo and Daniel Gorfine, respectively, former chairman and former head of the financial technology subsidiary of the Commodity and Futures Trading Commission. The two spoke to Cointelegraph in late March when lawmakers began looking for a digital currency to distribute the COVID-19 stimulus.
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Today’s panel also included David Treat, an executive from Accenture, who has partnered with the Digital Dollar Project.
Summarizing the objectives of the project very well, Giancarlo said, „We will do everything possible to make the dollar serve as well as possible in the 21st century.
CBDC and privacy
Within the crypto-currency community, there is great concern that any potential digital dollar, or central bank digital currency, threatens present privacy with cash.
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In terms of policies for knowing your customers, Treat commented that „the endpoints of digital dollar distribution are a key part of the policy decisions we are now making.
„You can set certain thresholds and limits,“ Gorfine said, referring to the $10,000 rule for cash transactions that the government tracks. „You can extract a lot of the analogues that we’re currently implementing with physical cash.
While insisting that the
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not take into account other countries‘ CBDC projects, Giancarlo alluded to concerns about China’s human rights abuses and its planned digital renminbi: „If the U.S. dollar can offer privacy features that other sovereign currencies may not have, this would further strengthen the dollar’s role.