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.
The Growth of CBDCs
The former politician – commonly referred to as “Crypto Dad” – said that money is “too important to be left to central bankers.”
“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.”
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 techno
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