Philadelphia Fed President Says Central Banks Will Launch Digital Currencies
Main page News, Central Banks, Cryptocurrency
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Oct. 4, 2019

Patrick Harker, president of the Federal Reserve (Fed) of Philadelphia, has said it is inevitable that central banks, including the US Federal Reserve, eventually launch their own digital currencies, Reuters reports.

Reuters also reported that the US should not be the first country to issue a national digital currency since this tech is still being developed and the US dollar is the world's reserve currency.

Harker has literally said:

"It is inevitable... I think it is better for us to start getting our hands around it."

The president of the Federal Reserve of Philadelphia has made these statements in response to a question related to the agency's decision to launch FedNow, its own real-time payment system.

According to Harker, digital currencies will be the next tech revolution in 5 years.

Both the Fed and other central banks around the world are analyzing the impact of private cryptos, including bitcoin, on the current financial system, due to the fact that it is not yet clear whether they will be massively adopted, in which case a strict regulation would be needed.

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