U.S. needs Digital Dollar and must be better than Bitcoin and Digital Yuan, said Senator

U.S. needs Digital Dollar and must be better than Bitcoin and Digital Yuan, said Senator

The hearing, entitled “The Digitization of Money and Payments”, was attended by several experts, and each of them brought his own perspective.

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5 Jul 2020 , 19:23 @ Matey Salt

U.S. needs Digital Dollar and must be better than Bitcoin and Digital Yuan, said Senator

As we mentioned to you in a recent article, another hearing was held this week at which the Digital Dollar was discussed and we bring you a short summary along with Forbes.

The hearing, entitled “The Digitization of Money and Payments”, was attended by several experts, and each of them brought his own perspective.

Probably the biggest supporter was Senator Tom Cotton (R-Ark.), who said:

The U.S. needs a digital dollar…The U.S. dollar has to keep earning that place in the global payments system. It has to be better than bitcoin … it has to be better than a digital yuan.

As we are used to in the US, they want to be the best again, and if China has a Digital Yuan, the Digital Dollar must be even better.

The statement from Charles Cascarilla of Paxos was also very important, because it is this company that can provide the necessary solutions for the Digital Dollar.

Charles advocated stable coins and claims that they are working on how to improve the outdated financial system, which he likened to “antiquated plumbing”.

He also added “Blockchain based stable-coins allow everyone access“.

Among the professors was Nakita Cuttino from Duke University, who confirmed the current growing demand for applications with advanced payments that can be solved by digital currencies.

Finally, mention should also be made of former chairman CFTC Chris Giancarlo and head of the Digital Dollar project.

Chris has emphasized mainly “social and national” benefits in the form of increased speed and lower costs. He also added that the most important thing will be to adapt and survive this change, but the new architecture will help bring benefits to society as a whole.

See the full record of the virtual hearing here

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