Today the U.S. Senate Committee on Banking, Housing, and Urban Affairs held a virtual hearing on the Digitization of Money and Payments with a focus on central bank digital currency (CBDC). Much of senators’ questions focused on the motivation for a digital dollar, the two key ones being the international status of the U.S. dollar, and whether or not a CBDC would enable inclusion for the unbanked and underbanked. While privacy and anonymity were mentioned, the other main issue addressed was the steps needed to make it happen.
Talking about stablecoins and digital currencies, Committee Chair, Senator Crapo noted in his opening remarks that “these and other similar innovations are inevitable, beneficial and the U.S. should be the lead in their development.”
Senator Crapo’s first question was about what other central banks are doing, followed by whether this is a threat to the dominance of the U.S. dollar. Chris Giancarlo, former U.S. Chair of the U.S. Commodity Futures Trading Commission (CFTC) and founder of the Digital Dollar Project, responded.
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