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CBDC Development Must Uphold Democratic Values

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CBDC Development Must Uphold Democratic Values

It is reported that Christopher Giancarlo, the former chairman of the United States Commodity Futures Trading Commission (CFTC), said in an article that the United States “must influence” the development of CBDC to protect “democratic values such as freedom of expression and privacy” and make use of the current technology used by some cryptocurrency protocols.

Former CFTC Chairman of the United States: The United States must advocate a CBDC that guarantees high privacy

Analysis based on this information:


In a recent statement, Christopher Giancarlo, former United States Commodity Futures Trading Commission (CFTC) chairman, emphasized the importance of developing a central bank digital currency (CBDC) that supports democratic values. According to Giancarlo, the development of CBDC must be closely monitored to ensure that it protects individual privacy and freedom of expression.

Giancarlo’s statement comes at a time when many countries around the world are considering the creation of state-backed digital currencies. China is already in the advanced stages of developing its own CBDC while other nations like Canada, the UK, and the European Union have also expressed interest in this technology. As cryptocurrencies continue to gain popularity and global adoption, many experts predict that a shift towards CBDCs is imminent.

However, Giancarlo argues that the US must not rush into developing this technology without first considering the potential impact on democratic values. Any CBDC launched by the US must prioritize privacy and freedom of expression, as well as ensure the safety and stability of the financial system. Giancarlo also suggests that the US should learn from the technology used in existing cryptocurrencies to make CBDCs more efficient and secure.

The statement by Giancarlo highlights the need for a thoughtful and deliberate approach to CBDC development. While digital currencies have the potential to bring many benefits, including easier cross-border payments and financial inclusion, they also present significant risks. A CBDC must be designed to protect individual privacy and civil liberties, while also promoting economic stability and growth.

In conclusion, the development of CBDC must be guided by democratic values and principles. As countries around the world explore this technology, the US must prioritize privacy and freedom of expression in its approach. By learning from the technology used in cryptocurrencies, the US can create a CBDC that is efficient, secure, and upholds democratic values.

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