Former Prime Minister of Canada, Stephen Harper, has said that Bitcoin (BTC) and CBDCs could be a part of a basket of reserve currencies to replace the U.S. dollar. Harper believes that the possibility for a replacement of the U.S. dollar could only come from currencies such as Euro or the Chinese yuan. However, he doubts long-term uncertainties over the value of the Euro and the Chinese Yuan. Stephen Harper Sees Bitcoin as Potential Reserve Currency Harper served as the prime minister of Canada for nine years from 2006 until 2015. In an interview with Cambridge House’s Jay Martin at the Vancouver Resource Investment Conference, the ex-prime minister of Canada stated: “It’s hard to see what the alternative is to the U.S. dollar as the world’s major reserve currency. Other than gold, Bitcoin, a whole basket of things. I think you’ll see the number of things that people use as reserves will expand, but the U.S. dollar will still be the bulk of it.” According to the former prime minister, central bank digital currencies are inevitable and would likely be subjected to monetary policy around the world. However, he was also concerned about central banks becoming a normal bank rather than a financial monitor: “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. But if it’s part of a series of what I think are wild experiments as to the role of central banking, then it worries me a lot.” Crypto Adoption Gained Significantly in Canada The adoption of cryptocurrencies and blockchain in the country has gained significantly since his departure. In September 2020, the first regulated cryptocurrency exchange was set up in Canada. According to Timothy Lane, the deputy governor of the Bank of Canada, the bank is also moving along in its development of a CBDC.
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