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Bitcoin could become a reserve asset

Stephen Harper, former Prime Minister of Canada, allowed the use of bitcoin and central bank digital currencies in a basket of reserve currencies that will replace the US dollar. In an interview at the Resource Investment Conference, Harper said the US dollar could replace another major currency, the euro or the Chinese yuan. However, he questioned the prospects of these alternative currencies, citing long-term uncertainty about the value of the euro and “arbitrary measures” that the Chinese government may take on the yuan. “It is difficult to understand what could be an alternative to the US dollar, the world’s reserve currency. Gold, bitcoin, a whole basket of assets […] I think we will see the amount of assets that people use as reserves increase, but the US dollar will still account for the majority, ”Harper said. The former prime minister added that he believes central bank digital currencies (CBDCs) are “inevitable,” but their implementation will depend on global monetary policy around the world. Harper expressed concern that the central bank would become a “regular banker” rather than just a financial controller. “If you have a digital currency, and the central bank’s goal is to control inflation and create a stable currency and price, then digital currency is a kind of market evolution,” he said. “But if this is something from a series of real-life experiments by central banks, then that worries me a lot.” Harper served as Prime Minister of Canada from 2006 to 2015. The adoption of cryptocurrencies and blockchain in the country has expanded significantly since his departure, and in September 2020, Canada launched its first regulated cryptocurrency exchange.

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