Tomorrow, the Financial Technology Task Force of the Financial Services Committee will hold a meeting where the main issue will be digital dollars.
On Thursday, the Financial Services Committee’s Financial Technology Task Force will hold a meeting on how to better deliver financial assistance in emergencies such as the KOVID-19 outbreak. According to the news in The Block, the main topic to be discussed at the meeting is stated to be digital dollars.
The title of the meeting will be “Comprehensive banking during an epidemic: Using FED accounts and digital tools to improve delivery of financial aid payments…”.
The top of the list of exhibitors is J. Christopher Giancarlo, former chair of the Commodity Futures Trading Commission (CFTC), whose mandate ended in April 2019. After leaving his presidency, Giancarlo started to head the Digital Dollar Foundation, a nonprofit organization. The foundation also partnered with consulting firm Accenture to launch the Digital Dollar Project, which aims to develop the US Central Bank digital currency (CBDC).
The Digital Dollar Project released White Paper for the first time last week. It is stated here that the USA should begin to think about how to design a digital dollar. It was also written in White Paper that the coronavirus epidemic shows the urgency of this situation, as well as projects such as China’s digital money plan and Libra.
Giancarlo said the epidemic taught everyone to ask critical questions about how public benefit benefits can be used more effectively. The question is: “How can aids be delivered in a short time and properly, during a crisis?”
Another approach to creating a kind of digital dollar is FEDAccounts. This is a project that allows not only commercial banks, but also retail customers to open bank accounts in the Federal Reserve system. A proposal based on this idea had recently appeared in a bill of Democrats. Morgan Ricks, a professor at the Vanderbilt Law school, who wrote the academic paper that made up the term “FedAccounts” and is expected to speak on Thursday.
Ricks and Giancarlo will also attend Jodie Kelly, CEO of Electronics Association, and Mehrsa Baradaran, law professor at the University of California. The meeting will also be broadcast live on the internet.