Is a "Digital Dollar" Necessary for the United States?

The financial world is abuzz with the prospect of a new dollar-backed digital currency, and on Thursday, May 21, 2020, from 12:00 PM to 1:00 PM (EDT), a video webinar will delve into the challenges and opportunities this digital currency could bring to the U.S.

The panel for this engaging discussion includes several notable figures. Daniel Gorfine, the Founder of Gattaca Horizons LLC, Adjunct Professor at Georgetown University Law Center, Co-founder of the Digital Dollar Project, and former CIO of the U.S. Commodity Futures Trading Commission, will be participating. Garrick Hileman, the Head of Research at Blockchain.com and a Researcher at the London School of Economics and Political Science, will also be present. Tanvi Ratna, CEO at Policy 4.0 and a 2019 Fellow on Public Interest Technologies at the New America Foundation, will also lend her insights.

Hodan Omaar will moderate the discussion, guiding the panel through the intricacies of this topic. The webinar will be an interactive event, with questions from the audience welcome via Sli.do.

The proposal for a digital dollar has been making its way through the U.S. Senate, as the country considers the potential benefits of such a currency, particularly in times of crisis. The digital currency could serve as a financial platform for speedy payments to citizens during crises.

However, the adoption of digital currency technology in the United States is currently far off. China, on the other hand, is reportedly close to issuing its own digital yuan. This has sparked a question about the importance of a digital dollar in keeping the U.S. competitive. Without a robust digital dollar, the U.S. risks losing financial influence amid growing digital currency rivalry and geopolitical competition.

Support for a "digital dollar" has been building before the coronavirus pandemic, with many private-sector initiatives underway to digitize currency. The digital dollar is crucial for maintaining the United States’ competitiveness, ensuring the dollar remains dominant in global finance, and countering China’s efforts to internationalize the yuan through digital stablecoins, which aim to challenge dollar supremacy and reshape global payment systems.

Follow the event on Twitter by following @DataInnovation and joining the discussion with the hashtag #our website. Don't miss this opportunity to learn more about the future of digital currency in the U.S. and its implications for our global financial system.