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Does America Need A Digital Dollar?

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2022-12-09 12:00:00
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Upcoming Debate   December 9, 2022

Does America Need A Digital Dollar?

The digital currency craze started with just one anonymous Bitcoin founder, whose identity is still unknown, and a community of futuristic, tech-savvy investors willing to take a bet on a new form of money. But over the past decade, the world of digital currency has coined a host of new types of online cash. In fact, Central Banks in more than 80 countries have, or are in the process of gearing their monetary systems in that direction. They consider them a means of modernizing and serving as a check against the growth of crypto. In China, an estimated 140 million people have already begun using the new digital yuan, which accounts for nearly $10 billion worth of transactions. In that context, does the world’s reserve currency — the U.S. dollar — need its own version? Those who are argue “yes” say it is a fundamental step to remain competitive; to ensure the dollar remains in its preferred global standing. A digital dollar, they argue, would also create a new ease of exchange, reduce delays in processing times, and help the underbanked Americans into the digital economy. Those who argue “no” point to the risks of failure, hackings, and privacy breaches, which includes widespread government tracking of transactions, and could allow for unprecedented federal access to personal banks accounts. Against this backdrop, we ask: Should Uncle Sam adopt the digital dollar?

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Breakdown

Undecided
0% - Swung from the Against Side
0% - Remained Undecided
0% - Swung from the For Side
Against the Motion
0% - Remained on the Against Side
0% - Swung from the For Side
0% - Swung from Undecided
For the Motion
0% - Swung from the Against Side
0% - Remained on the For Side
0% - Swung from Undecided
ABOUT THE DEBATERS
For The Motion
Gillian Tett
Gillian Tett - Editor-at-Large, Financial Times (U.S.)
Gillian Tett is chair of the editorial board and editor-at-large (U.S.) of the Financial Times, wher... Read bio
Against The Motion
Dante Disparte
Dante Disparte - Head of Global Policy, Circle
Dante Disparte is the chief strategy officer and head of global policy for Circle, a leading financi... Read bio