CBDCs or stable coins? Crypto Dad says both (consensus 2023 live)

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Christopher Giancarlo – ehemaliger Vorsitzender der Commodities and Futures Trading Commission (CFTC) ist der Meinung, dass die ausgesprochenen Gegner der digitalen Währung der Zentralbank (CBDC) größtenteils den Atem verschwenden. Während einer Rede bei Consensus 2023 am Mittwoch argumentierte er, dass staatlich unterstützte digitale Dollars weitgehend unvermeidlich seien und sicherlich in einer Welt neben Stablecoins auf dem Privatmarkt existieren würden. Das Wachstum von CBDCs Der ehemalige Politiker – gemeinhin als „Crypto Dad“ bezeichnet – sagte, dass Geld „zu wichtig ist, um es den Zentralbankern zu überlassen“. „Geld ist ebenso ein soziales wie ein staatliches Konstrukt“, sagte Giancarlo. „Der Erfolg von Fiat-Geld …
Christopher Giancarlo - Former Chairman of the Commodities and Futures Trading Commission (CFTC) believes that the opponents of the digital currency of the central bank (CBDC) mostly waste their breath. During a speech at Consensus 2023 on Wednesday, he argued that state -supported digital dollars were largely inevitable and would certainly exist in a world next to stable coins on the private market. The growth of CBDCs the former politician - commonly referred to as "Crypto Dad" - said that money is "too important to leave it to central bankers". "Money is just as much a social construct," said Giancarlo. "The success of Fiat money ... (Symbolbild/KNAT)

Christopher Giancarlo-former chairman of the Commodities and Futures Trading Commission (CFTC) is of the opinion that the opponents of the digital currency of the central bank (CBDC) mostly waste the breath.

During a speech at Consensus 2023 on Wednesday, he argued that state-supported digital dollars were largely inevitable and would certainly exist in a world alongside stable coins on the private market.

The growth of CBDCS

The former politician-commonly referred to as "crypto dad"-said that money is "too important to leave it to the central bankers".

"Money is just as much a social as a state construct," said Giancarlo. "The success of Fiat money is based on the trust and consent of the citizens who value it."

Therefore Giancarlo called for discussions and experiments within the United States about how a CBDC could be set up-including the values ​​it should embody it. Over 100 foreign governments are already researching such technologies, including 19 members of the G20. "whether the USA use a digital dollar or not-CBDC comes," he continued.

Crypto Dad 2 (Consensus 2023)

stablecoins vs cbdcs

StableCoins-which were advertised as effective private market alternatives to CBDCs-was paid a lot by the US supervisory authorities and the crypto industry. However, Giancarlo argued that digital dollars on the private market contain the same risks that are often associated with those on the public market - including data protection problems.

"Non-state digital currencies are not naturally superior when it comes to protecting the privacy towards the central bank's digital currency," said Giancarlo. Private companies, he continued, could very well be put under pressure from the government to monitor their users in order to "deactivate financial transactions with disadvantaged groups and activities".

Giancarlo came to the conclusion that the United States should ultimately try to provide CBDC that embodies American values ​​and compete on the global stage instead of losing the dominance of authoritarian digital currencies competing nations.

"The choice between stable coins and CBDCs is a wrong choice," he said. "The real choice lies between financial freedom and financial control."

Under the leadership of Giancarlo, the CFTC 2017 gave the green light for trading with Bitcoin futures on the CME. After his departure, Giancarlo founded the digital dollar project, which examined how a CBDC could be properly implemented in the United States.

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