The Digital Dollar in the Face of COVID-19
On 28 April 2020, the BRI hosted a webinar featuring Chris Giancarlo, former chairman of the former chair of the US Commodity Futures Trading Commission and co-director of the Digital Dollar Project. This is an edited transcript of the proceedings. It distinguishes among three types of cryptocurrencies—distributed (Bitcoin), corporate (Libra), and central bank (US digital dollar). Giancarlo explains how blockchain technology opens up new policy options and how digital currencies differ from other financial assets. He argues for modernization of our financial infrastructure and regulation, with a US digital dollar as the global reserve currency. Diversity in cryptocurrencies make for a healthy marketplace. Distributed ledgers and smart contracts will eventually transform other financial instruments and unleash the next wave of economic innovation.
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