Former Canadian PM backs Bitcoin as a viable reserve currency

Former Prime Minister of Canada, Stephen Harper, has said that Bitcoin and central bank digital currencies (CBDC) have a role to play in the mainstream financial world.

Speaking to Cambridge House's Jay Martin, Harper explained that the US dollar is being challenged as the sole benchmark of wealth in the world and the euro and yuan are also gaining traction.

However, he explained that uncertainties surrounding the euro as a currency in the long-term make it rather hard to see a mass adoption of the euro to replace the dollar right away.

China's own course of action doesn't make the yuan a sure-fire bet for governments out there.

Instead, CBDCs and cryptocurrencies may come in handy, but they would still be subject to monetary policy.

“Ultimately, if you have a digital currency and the purpose of the central bank is to control inflation and create a stable currency and priceability, then digital currency is just kind of an evolution of the marketplace”, Harper said.

He did mention, though, that the bank should remain a regulator, and not the sole party that controls everything that happens in the financial world. If central banks were to become a “general banker, […] that worries me a lot”, Harper added.

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Written by Barney


Barney is co-founder of When not at work he can usually be found behind a Nikon. He's won numerous international competitions for his photography and volunteers as a content creator for aid organisations in Africa.

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