"Both are okay actually, there are benefits but there are also risks of their own."
Former Commodity and Futures Trading Commission (CFTC) chairman Christopher Giancarlo is of the view that opponents of central bank digital currencies (CDBC) need to stop wasting their time.
This is because the government-backed CBDC is indeed inevitable considering that it and stablecoins will continue to grow in the future, commented Giancarlo while speaking at Consensus 2022 on Wednesday yesterday.
He added that he is also nicknamed "Crypto Dad", fiat money is not only too important to be handed over to the central bank but its value is determined through the trust and consent of ordinary people.
Following that, Giancarlo urged the United States (US) to discuss and experiment with CBDC as more than 100 foreign governments, including 19 G20 members, have taken steps to deepen CBDC.
It is well known that US regulators and the crypto market are now focusing more on stablecoins as a private market alternative, but they also have the same risks as CBDCs, including privacy issues.
Therefore, Giancarlo said the US should make every effort to prepare a CBDC that embodies the country's values so that they do not fall behind.
Actually, all parties need to choose between financial freedom or financial control instead of comparing whether stablecoin or CBDC is the best option, he said.
It is well known that Giancarlo has founded the digital dollar project to research how CBDC in the US can be properly implemented.
