CHRIS GIANCARLO: CBDC DEVELOPMENT NOT A RACE

The CBDC concept has been on the agenda for years. But the CBDC race only started after China began piloting its digital yuan.

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Interestingly, the digital dollar project released its first white paper detailing its design and various other features on May 28.

Now that the US has solid evidence against the digital dollar, there are a few questions that come into the picture. For example, why does the average person in the US want digital dollars and how will it determine whether the US can invest in CBDC momentum and hype?

Christopher Giancarlo, former CFTC Chairman and co-director of the digital dollar project, revealed in a recent interview that it was not a 'race' and that there would be no winners and losers involved in the development and distribution of CBDCs.

So, assuming this isn't a race, where exactly is the US in the entire CBDC development process at the moment? Many crypto enthusiasts and those who value financial secrecy are opposed to the whole CBDC idea, because central banks can monitor every transaction made and negatively affect decentralized cryptocurrencies.

As noted by OKEx Financial Markets director Lennix Lai, financial privacy is long gone in China, so DCEP may not be such a big issue, but when it comes to the US, Americans are on the side of financial privacy.

The way issues related to 'privacy-invasion' and the way they are handled in the US are now open to debate.

Right now, there are a lot of problems that need to be solved in terms of digital dollars or CBDCs as a whole, but the fact that many countries are considering entering the world of digital finance could be good news for the crypto community.


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