The digital currency craze started with at least one anonymous Bitcoin founder and a community of futuristic, tech-savvy investors willing to take a bet on a new form of money. But over the past decade, the world of digital currency has coined a host of new types of online cash. In fact, Central Banks in more than 80 countries have, or are in the process of gearing their monetary systems in that direction. They consider them a means of modernizing and serving as a check against the growth of crypto. In China, an estimated 140 million people have already begun using the new digital yuan, which accounts for nearly $10 billion worth of transactions. In that context, does the world's reserve currency -- the U.S. dollar -- need its own version? Those who are argue “yes” say it is a fundamental step to remain competitive; to ensure the dollar remains in its preferred global standing. A digital dollar, they argue, would also create a new ease of exchange, reduce delays in processing times, and help the underbanked Americans into the digital economy. Those who argue “no” point to the risks of failure, hackings, and privacy breaches, which includes widespread government tracking of transactions, and could allow for unprecedented federal access to personal banks accounts. Against this backdrop, we ask: Should Uncle Sam adopt the digital dollar?
YES: Gillian Tett, Editor-at-large, Financial Times (U.S.)
Gillian Tett is chair of the editorial board and editor-at-large (U.S.) of the Financial Times, where she oversees global coverage of the financial markets. An award-winning journalist and best-selling author, Tett is also the co-founder of “Moral Money,” a twice-weekly newsletter on socially responsible business. Her most recent book, “The Silo Effect,” analyzes the financial system through the lens of cultural anthropology.
NO: Dante Disparte, Head of Global Policy, Circle
Dante Disparte is the chief strategy officer and head of global policy for Circle, a leading financial services firm working in private digital currencies. In his role, Disparte advises governments, companies, and the world’s leading institutions on risk, resilience, and emerging technologies including central bank digital currencies. He is also a member of the World Economic Forum’s Digital Currency Governance Consortium, helping drive global standards and regulatory harmonization for digital currencies, and is regularly featured in leading media and publications, such as Harvard Business Review, BBC, Forbes, and Diplomatic Courier, where Dante serves on the editorial advisory board.
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