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Circle’s Head Of Policy Calls CBDCs A ‘Preposterous Idea’
Head of policy for stablecoin issuer Circle Internet Financial, Dante Disparte, called central bank digital currencies (CBDCs) a “preposterous idea” during a panel Wednesday at Consensus 2022.
Ankita K.
6:57 10th Jun, 2022
Altcoins

Disparte later added the Fed issuing its own digital dollar is “the equivalent idea of the [Federal Aviation Administration] in the United States building jet engines and flying planes.”

Joining Disparte was Forkast Editor-in-Chief Angie Lau; Caitlin Long, founder and CEO of crypto bank Custodia; and Rohan Grey, a law professor at Willamette University and ardent cryptocurrency critic, who said “F**k the Fed” in his opening remarks.

Disparte claimed that Circle’s USDC stablecoin was a real digital solution, but Grey argued that as a private company Circle is shielded from liability, putting the public at risk if it goes under.

Long said she was focusing on the decentralized finance (DeFi) space and that despite the growth in this sector there is not yet a solution on how to move funds between it and the traditional financial system.

Fed Vice Chair Lael Brainard recently said CBDCs and stablecoins could coexist and the agency is waiting on the backing of Congress and the Biden administration before proceeding with a digital dollar.

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