Digital Dollar Should Be 'Actively Explored,' Says Former CFTC Chairman
Maintaining users' privacy is a key design focus, according to Massad. "We're not China."
Jun 2, 2021 at 2:55 p.m. UTCUpdated Aug 19, 2021 at 9:52 a.m. UTC
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindeskuat/BRMQISCKRJBYRKHFBKRT4KQXJQ.jpg)
A digital dollar should be "actively explored," former Commodity Futures Trading Commission (CFTC) Chairman Timothy Massad told CoinDesk TV.
- "I'm glad to see that the [Federal Reserve] is doing that," Massad said during CoinDesk TV's "First Mover" on Wednesday.
- He added there are multiple design choices and other issues to think about in terms of maintaining users' privacy, noting, "We're not China."
- Like almost all major economies, the U.S. is exploring the development of a central bank digital currency (CBDC), though for the time being all plans remain in the discussion phase.
- One potential design choice is for the Fed to build a digital dollar operating platform on which private institutions can build applications, Massad suggested.
- "That's attractive because innovation is always going to come more from the private sector than the government," he said.
13:18
Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
05:10
Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
04:07
The first video of the year 2024
40:07
The last regression video of the year 3.67.0
STORY CONTINUES BELOW
:format(webp)/downloads.coindesk.com/arc/failsafe/user/1x1.png)