Former Canadian Prime Minister Stephen Harper says bitcoin could be part of the world’s reserve portfolio. He cites the weakening of the yuan and the uncertainties in the euro debate as the reasons for this.
To Report Coin Telegraph Stephen Harper, the former Prime Minister of Canada for nine years, said in a new statement that it may be possible to allocate a portion of the dollar reserve currency portfolio to bitcoin and national digital currencies.
“Only major currencies such as the euro and the Chinese yuan are lucky enough to replace the US dollar as the world’s main reserve currency,” Harper told the Cambridge House reporter at a conference on Vancouver Resource Investment. He further questioned the ability of the two currencies to dominate the dollar, adding that the value of the euro has been shrouded in ambiguity for years, and that the Chinese government’s arbitrary actions have overshadowed the yuan. Harper says:
It is very difficult to find an alternative to the US dollar, which holds the title of the world’s main reserve currency. If we build a complete basket of bitcoins and gold and whatever people use them as reserve assets, we will still see that most of it will be in US dollars.
Harper adds that the inclusion of national digital currencies in this portfolio will be inevitable to some extent, but these currencies are inevitably influenced by the monetary policies of their exporting countries. He says he is deeply concerned that central banks will fall from their supervisory position by issuing national digital currencies and take on the role of a public banker. He continued:
If the government does not seek to implement the national digital currency project and in this project, the position of the central bank as an inflation control body that seeks to create a stable currency is not damaged, then we can hope that the national digital currency project is a change in the monetary and financial market. Create the country.
However, if the national digital currency project is part of a series of measures that will ultimately challenge the central bank’s position, then one should be concerned.
Harper served as Prime Minister of Canada from 2006 to 2015. Since the end of his first term, the popularity of digital currencies and the Blockchain has increased significantly in Canada, and in September 2015, the country launched its first legal digital currency exchange. According to Timothy Lane, Deputy Governor of the Bank of Canada, the Bank continues to vigorously develop its national digital currency.