Former Canadian prime minister names Bitcoin as possible reserve currency
Stephen Harper, who served as prime minister of Canada for 9 years, says there may be a location for Bitcoin and central bank digital currencies as part of a basket of reserve currencies to change the dollar.In an interview with financial investment service Cambridge Houses Jay Martin at the Vancouver Resource Investment Conference today, Harper stated the possibility of the U.S. dollar being changed could only come from a large currency like the Euro or Chinese yuan. He expressed his doubts either of them would be a practical alternative currency offered the long-lasting unpredictability over the value of the Euro and the “arbitrary procedures” the Chinese federal government would take regarding the value of the yuan:” Its difficult to see what the option is to the U.S. dollar as the worlds major reserve currency. Other than gold, Bitcoin, an entire basket of things […] I think youll see the number of things that people utilize as reserves will expand, however the U.S. dollar will still be the bulk of it.” The previous prime minister included that he believed central bank digital currencies, or CBDCs, were to some degree “inevitable” but would likely go through monetary policy all over the world. Harper said he was concerned about main banks ending up being “sort of a basic banker” rather than simply a financial screen, something that might impact the rollout of any CBDC:” Ultimately, if you have a digital currency and the function of the central bank is to control inflation and produce a steady currency and priceability, then digital currency is just kind of an evolution of the market,” said Harper. “But if its part of a series of what I believe are wild experiments as to the function of central banking, then it stresses me a lot.” Harper functioned as the prime minister of Canada from 2006 up until 2015. Crypto and blockchain adoption in the country has expanding considerably considering that his departure, with Canada getting its first controlled crypto exchange in September. According to Timothy Lane, the deputy guv of the Bank of Canada, the bank is likewise moving along in its advancement of a CBDC.Title: Former Canadian prime minister names Bitcoin as possible reserve currencySourced From: cointelegraph.com/news/former-canadian-prime-minister-names-bitcoin-as-possible-reserve-currencyPublished Date: Sun, 17 Jan 2021 22:58:53 +0000
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