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Industry Players Join Former CFTC Royalty on Digital Dollar Project’s New Board

Industry Players Join Former CFTC Royalty on Digital Dollar Project’s New Board

The Digital Dollar Project, which advocates a blockchain-backed digital greenback within the United States, has introduced the inaugural roster of its Advisory Board.

The new advisors becoming a member of the founders of the mission

The mission is an initiative of a number of former heads of the Commodity Futures Trading Commission (CFTC) and Accenture. The new advisory board contains 22 members with broad backgrounds in finance and cost applied sciences. They embody former CFTC Commissioner Sharon Bowen, PayPal coverage exec Usman Ahmed and Georgetown fintech legislation professor and occasional Cointelegraph contributor Chris Brummer.

The announcement for the brand new board says the advisors purpose to “help guide the framework for practical steps that could be taken to establish a U.S. Central Bank Digital Currency (CBDC).”

The mission’s administrators embody former CFTC Chairman J. Christopher Giancarlo and former head of innovation on the LabCFTC Daniel Gorfine. Speaking with Cointelegraph, Giancarlo defined the aim of the board:

“We’ve brought together a broad cross-section of individuals — not institutions, but individuals —  with experience in monetary policy, central banking, commercial banking, KYC/anti-money laundering, privacy law, constitutional law, economics, accounting, tax — all other disciplines that need to be brought together to examine this and its implications not just for the US economy, but implications for the global economy, where the dollar remains the world’s primary reserve currency.”

Question of digital greenback amid U.S. help?

The information comes amid some main back-and-forth for the crypto neighborhood, as varied variations of the stimulus invoice to struggle the financial injury wrought by COVID-19 within the U.S. included provisions selling a digital greenback and affiliate wallets.

“We did not have anything to do with what was in that House bill,” Giancarlo informed Cointelegraph, however mentioned that legislators might have been impressed by the Project’s language: “We’ve been using the phrase ‘digital dollar’ quite consistently to refer to a US central bank digital currency.”

Giancarlo and Gorfine first introduced the Digital Dollar Project in January of this 12 months. The initiative constructed on an October Op-Ed from Giancarlo during which he advocated the necessity for a blockchain-backed digital greenback.

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