A digital dollar should be "actively explored," former Commodity Futures Trading Commission (CFTC) Chairman Timothy Massad told CoinDesk TV.
- "I'm glad to see that the [Federal Reserve] is doing that," Massad said during CoinDesk TV's "First Mover" on Wednesday.
- He added there are multiple design choices and other issues to think about in terms of maintaining users' privacy, noting, "We're not China."
- Like almost all major economies, the U.S. is exploring the development of a central bank digital currency (CBDC), though for the time being all plans remain in the discussion phase.
- One potential design choice is for the Fed to build a digital dollar operating platform on which private institutions can build applications, Massad suggested.
- "That's attractive because innovation is always going to come more from the private sector than the government," he said.
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.