the lack of data available on potential CBDCs from the United States, while central banks around the world expedite projects aimed at fending off threats posed by cryptocurrencies and improving digital payment systems.
“There are conferences and papers coming out every week around the world on CBDCs based on data from other countries,” he noted. “What there is not, is any real data and testing from the United States to inform that debate. We’re seeking to generate that real-world data.”
Although some of the biggest economies in the world, including China and Europe, have been in the forefront of these efforts, the United States has been moving more cautiously. With its currency being the most widely used in the world, experts say that it is far more necessary to get the digital dollar right rather than being fast.
Nevertheless, Giancarlo is of the view that while it is correct to be cautious, however, it is also “vital” for the United States to assume leadership “as it has in previous technological innovations”.
Central bank digital currencies are the digital equivalents of banknotes and coins. However, unlike debit cards and payments apps, which are created by commercial banks, cryptocurrencies, on the other hand, are controlled by private actors.
