Former Chair of CFTC Establishes a Nonprofit Entity for the Promotion of Digital Dollar

Christopher Giancarlo, a former CFTC Chair establishes a nonprofit organization to create a mobile digital dollar that could easily be carried and sent as a text.

Digital Dollar Attempts to Secure Future of Banknotes

As per Giancarlo, digital dollars will secure the future of banknotes and allow individuals and global businesses for making payments in dollars irrespective of space and time.

According to a press release, the nonprofit Digital Dollar Foundation will research on conversion of dollars into a blockchain-based digital currency.

Although Giancarlo left CFTC, yet, he is gearing up in the crypto industry. Among other founders of nonprofit are a former CFTC’s official Daniel Gorfine, and Giancarlo’s brother Charles Giancarlo, who is a former Cisco Systems executive, and Silver Lake Partners, a private equity firm.

Also known as “Crypto Dad”, Giancarlo has teamed up with one of the IT giants, Accenture which has worked with several state banks on digital currencies – Bank of Canada, the European Central Bank, and the Monetary Authority of Singapore to name a few. 

The sole aim of the foundation is to research the possible profits of digitizing the dollar. Moreover, it will help explore design options and arrange meetings of stakeholders, roundtable conferences, and open forums are to name a few. Speaking about the organization, Giancarlo said; 

“We are launching the Digital Dollar Project to catalyze a digital, tokenized U.S. currency that would coexist with other Federal Reserve liabilities and serve as a settlement medium to meet the demands of the new digital world and a cheaper, faster and more inclusive global financial system.”

Furthermore, on Wednesday at the Crypto Finance Conference St. Moritz, Giancarlo signified the project in appearance. At a podcast show, Giancarlo stated that the time has arrived for thinking about the digitization of dollars.