Digital Central Bank Currency Is “Inevitable”

U.S. Federal Reserve official Patrick Harker argues that state digital currencies are “inevitable”. Their issuance will be provided by central banks of different countries.

Digital currencies sooner or later will become the backbone of the future economy. The one who will join the race earlier than others will take maximum advantage on the world stage. Philadelphia Federal Reserve bank president Patrick Harker argued that it is “inevitable” for the central banks to start issuing their digital currency.

The U.S. dollar still holds the title of world’s reserve currency, but U.S. Federal Reserve Bank should start thinking about ways it could make its token. However, Harker noted, that blockchain technology is still in its infancy stage of development. Recently, U.S. Federal Reserve representatives announced a decision to create its own real-time payments system called FedNow. Harker commented on this announcement.

“I am looking at the next five years after that. What comes next? I do think it is something around digital currency.”

Agustin Carstens, chief of the Bank for International Settlements (BIS) also expects banks to issue their digital currencies in the nearest future. In any case, no matter how many state cryptocurrencies appear in the future, Bitcoin will always remain an international universal mean of payment. Purchase our mining contracts on Hashmart.io and mine BTC!