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Former Canadian Prime Minister Stephen Harper views Bitcoin as Future Reserve Currency

Former Canadian Prime Minister Stephen Harper views Bitcoin as Future Reserve Currency

Stephen Harper, former Canadian Prime Minister, who served for nine years, said that there might be a spot for Bitcoin and CBDCs as a component of a basket of reserve currencies to replace the dollar. Through an interview with Cambridge House’s Jay Martin Investment service at the Vancouver Resource Investment Conference on January 17, former Canadian prime minister Stephen Harper called Bitcoin as a viable alternative. He said that Bitcoin might serve as a global reserve currency in the future, however not substituting the U.S. dollar’s international role. 

Stephen Harper declared that the U.S. dollar is witnessing downtrend. He mentioned a few viable options like the Yuan and the Euro as possible candidates that could substitute the dollar. Nevertheless, he displayed his doubt about the two international options. It is due to the long-term uncertainty over the Euro’s value. Also, the Chinese government’s temporary measures to control the yuan’s value, therefore presenting the two currencies as intrusive options.

Stephen Harper expresses his views on CBDC

He revealed that currency has three goals: a store of value, a unit of account, and a medium of exchange. Moreover, he admitted that he is not a specialist in terms of digital currencies such as Bitcoin. He iterates that Bitcoin performs as a unit of account and exchange medium but not as a store of value. 

He ultimately realized that CBDCs are necessary yet stated that such digital currencies have to undergo monetary policy worldwide. Furthermore, he revealed his concern regarding the imminent appearance of CBDCs. He elucidates that it would turn central banks into general bankers rather than just financial monitors. He, accordingly, opined that such a development could alter the rollout of central bank digital currencies.

Moreover, Harper served as the Prime Minister of Canada from 2006 until 2015. Crypto and blockchain adoption in the country has extended prominently following his departure, with Canada receiving its first regulated crypto exchange in September. 

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