Canadian Prime Minister Stephen Harper, who has served for 9 years, believes that in the basket of reserve currencies that will replace the dollar, there may be a place for Bitcoin and digital currencies of the central bank.
Harper said that the possibility of replacing the US dollar could only come from a major currency like the euro or the Chinese yuan. He questioned whether any of them would be a viable alternative currency, given the long-term uncertainty over the value of the euro and the unpredictable steps the Chinese government is taking regarding the value of the yuan:
“It is difficult to imagine an alternative to the US dollar as the world’s main reserve currency. In addition to gold and bitcoin, you will see that the amount of assets used as reserves will increase, but the US dollar will still make up the bulk. “
The former prime minister added that the emergence of central bank digital currencies (CBDCs) is inevitable, but likely to depend on monetary policy around the world. Harper worries about the fact that central banks will become a kind of big banker and not just a financial controller, which could affect the launch of any CBDC:
“Ultimately, if you have a digital currency and the goal of the central bank is inflation control, currency stability and pricing, then it is just a kind of market evolution. But if these are experiments on the role of centralized banking, then this is very worrisome. “
Harper served as Prime Minister of Canada from 2006 to 2015. Since his departure, the level of cryptocurrency and blockchain adoption in the country has grown significantly. Canada launched the first regulated cryptocurrency exchange in September, and the Bank of Canada is exploring the possibility of launching a CBDC.
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