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Former Canadian Prime Minister: Bitcoin May Become a Reserve Currency

The Prime Minister of Canada in 2006-2015 Stephen Harper believes that Bitcoin can complement the national digital currencies in the basket of reserve currencies in order to replace the dollar.

Speaking to Jay Martin of Cambridge House International, Harper said that another major currency would be needed to replace the dollar, such as the euro or the Chinese yuan. He, however, questioned their ability to do so, given the uncertainty about the value of the euro in the long term and the “capricious measures” of the Chinese authorities regarding the determination of the value of the yuan.

“It is difficult to name an alternative for the US dollar as the world’s largest reserve currency. Aside from gold and bitcoin, I think the number of things people use as reserves will increase, but the US dollar will continue to be a significant part of the basket, ”he said.

Harper also noted that the emergence of national digital currencies is inevitable and could affect the role of central banks in the monetary system, making them “kind of universal bankers” that goes beyond their current role of financial monitoring.

“Ultimately, if a digital currency emerges and the central bank’s job is to control inflation and create a stable currency, then digital currency is just a step in market development. But I am very concerned that it will be used in hard-to-imagine experiments with the role of central banking, ”he added.

The deputy head of the Bank of Canada, Timothy Lane, previously reported that his department, like other central banks in the world, is preparing to launch its own digital currency.

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