Digital Dollar – Power, Privacy, and Financial Surveillance

Digital Dollar Dangers, Powers, and Privacy Risks – Insights on the digital dollar and central bank digital currency ("CBDC") from the former chairman of the Commodity Futures Trading Commission. The majority of the world's leading economies have launched central bank digital currency initiatives. In particular, China has launched a sophisticated digital currency called the eCNY that promises to reshape money for millions, including for millions outside of China. Meanwhile the EU has announced immediate plans for a digital euro. According to Giancarlo these CBDC launches threaten the preeminence and power of the U.S. dollar as the world's default global currency as well as the "exorbitant privilege" that such a status confers to the U.S. economy. Giancarlo also delves into important legal questions about financial privacy and contrasts the potential for First Amendment and Fourth Amendment protections that would be unique to a Digital Dollar that are absent from private cryptos or currencies like the digital yuan in China. Christopher Giancarlo served as the 13th Chairman of the United States Commodity Futures Trading Commission. He is Senior Counsel to the international law firm, Willkie Farr & Gallagher. ► For more legal explainers and interviews with the titans of law, visit http://www.talksonlaw.com. ____________________ TRANSCRIPT 00:00 Status of Central Bank Digital Currencies 00:46 The "Exorbitant Privilege" of Issuing a Global Currency 04:00 The Digital Dollar and Privacy Protections 05:30 Stablecoins and a Lack of Privacy 08:00 Digital Central Bank Currency and Law Enforcement