Former CFTC chairman intends to promote "digital dollars" through non-profit foundations

Former US Commodity Futures Trading Commission (CFTC) chairman J. Christopher Giancarlo is planning to promote a blockchain-based digital dollar by establishing a non-profit organization.

According to the Wall Street Journal, the foundation is called the "Digital Dollar Foundation," which specializes in converting dollars to "blockchain-based all-electronic currencies."

The plan is to promote research and exploration of the potential benefits of digital dollars. The new foundation and Giancarlo's digital dollar projects have the support of global consulting giant Accenture. In December 2019, the Swedish Central Bank also announced a plan to cooperate with Accenture to develop its own electronic currency, the Electronic Krona.

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Other founders of the Digital Dollar Foundation include former CFTC officials, Daniel Gorfine, who leads the financial technology research of regulators, and Charles Giancarlo, Giancarlo's brother. Charles Giancarlo has previously worked for international technology and IT company Cisco Systems and private equity firm Silver Lake Partners.

The organization's representative said that while Giancarlos and Gorfine provided the foundation with initial funding, Accenture will remain focused on providing research and logistical support.

Giancarlo first proposed his digital dollar plan in October 2019, emphasizing that as China's digital renminbi project is well underway, if the US lags behind China, the US may lose its global economic leadership. In an interview with The Wall Street Journal, he said that his foundation is a non-profit organization whose goal is to protect the national interests of the United States.

Giancarlo previously said that the United States needs to create digital dollars because traditional countries may lose their status in the future if countries launch digital currencies.

Image source: Pixabay

By Liang CHE

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