According to what has been revealed on Twitter by Marc Fleury, the Fed may announce the launch of the digital dollar tomorrow.
— Marc Fleury (@DocFleury) January 15, 2020
Fleury is the founder and CEO of the fintech company Two Prime which deals with the financial application of cryptocurrencies and his tweet shows a picture of former CFTC President J. Christopher Giancarlo.
In fact, Giancarlo would be the original source of this news, suggesting that the Fed has been working on something similar to the Chinese project of a central bank digital currency (CBDC).
According to the former President of the CFTC, the digital dollar could serve the entire world as a means of global exchange.
Giancarlo spoke at the fourth CfC 2020 crypto conference in St. Moritz, Switzerland, along with the Winklevoss twins, crypto mom Hester Peirce, BitMEX CEO Arthur Hayes and numerous other members of the crypto world.
Giancarlo’s speech, entitled “When Worlds Collide: 21st Century FinTech meets 20th Century Regulation”, was dedicated to the ongoing process of digitizing finance within a heavily regulated financial system that could reduce its revolutionary scope.
According to what Marc Fleury said during his speech, Giancarlo suggested not only that the Fed is already working on a digital dollar, but that it would also be ready to reveal it publicly.
The fact is that, after China’s initiative, which seems very concrete, the US certainly cannot simply sit back, risking that the competitor might impose on the whole world its own digital currency designed to be used freely across the globe.
The most logical reaction would be precisely to issue a digital dollar which, taking advantage of the financial dominance of the US dollar throughout the world, could not only compete with the Chinese CBDC, but even impose itself as a global standard.
Moreover, even the ECB has already said that it is ready to consider developing a digital euro, so the hypothesis suggested by Giancarlo and Fleury does not seem far fetched at all.
The only thing that seems a bit daring is the fact that tomorrow the Fed could already announce the project, though it won’t take long to find out whether this rumour is true or not.