Bank of Canada Senior Deputy Governor Carolyn Wilkins says cryptocurrencies are changing the world finance, but are unlikely to replace fiat money anytime, Cryptocoins News reported.
Speaking at a finance meeting in Washington on Wednesday, Wilkins said: “Money that’s worth the name to be called money really does have to be a medium of exchange, a store of value – and the digital currencies that are out there right now don’t fulfil them – Bitcoin (TIKER: BTC.EXANTE) doesn’t, none of them do.”
Wilkins stated that the issue of security would need to be tackled. According to her, “unless there is a way for Bitcoin to function without relying on an electric grid, it’s unlikely to gain dominance.”
Wilkins acknowledged that Canada’s central bank is considering its own digital currency, but is still in the early stages of research.