Former Canadian Prime Minister Stephen Harper said it was possible for Bitcoin (BTC) and the central bank's digital currency (CBDC) to be the major currency reserves to replace the dollar.
In an interview with Cambridge House investment services Jay Martin at the Vancouver Resource Investment Conference, Harper explained that his view was based on major currencies such as the Euro or Chinese yuan.
However, there are doubts about whether the two currencies can be implemented as an alternative currency or not due to two factors involving the uncertainty of the Euro for the long term and the Chinese government's action on the value of the yuan.
Clearly, the CBDC eventually had to comply with monetary policy around the world. That is why Harper is worried that the central banks will become "public banks", not just financial monitors which will impact the launch of any CBDC.
“If you have a digital currency and the central bank aims to control inflation, and develop a stable currency and price, then digital currency is considered a market evolution.
But if it is part of an experiment on the role of central banking, then it is very worrying. ”
Since the end of his tenure as prime minister of Canada from 2006 to 2015, crypto and blockchain technologies have grown rapidly in the country.
For now, the Bank of Canada is moving forward in line with the development of the CBDC.
