Former CFTC Chairman: "Digital USD" or similar to the digital currency of the People's Bank of China

On January 28, at the World Economic Forum event, former Chairman of the US Commodity Futures Trading Commission (CFTC) Christopher Giancarlo revealed more details about the Digital Dollar Initiative. "We are trying to encourage the next major innovation of the U.S. dollar: a tokenized fiat currency issued by the Federal Reserve System. This is a new form of U.S. dollar digital figures, along with traditional fiat currencies, banknotes and reserves, digital U.S. dollar and The central bank currency also enjoys all the beliefs and credibility of the US government. "He noted that the Digital Dollar Project is designed to support retail, wholesale, and international payments while ensuring scalability, security, and privacy. In terms of architecture, it is planned to adopt the same "two-tier operation system" as the digital currency of the People's Bank of China. That is, the central bank's digital currency is distributed to commercial banks, and then digital dollars are distributed to end users through commercial banks and "trusted" payment processors.