“Cryptocurrency Is Inevitable, but the US Should Not Lead the Way”, Philly Fed Reserve Chief Claimed

By Shannon Wilson | October 6, 2019

Patrick Harker – current head of the Federal Reserve Bank of Philadelphia – has reportedly admitted the inevitability of central bank crypto coins. 

Nonetheless, the Philly Fed boss further shared his belief that the idea about the US being the pioneer in the matter is not the best idea, judging on the position of the US dollar in the current market, as a global reserve currency. 

“It is inevitable… I think it is better for us to start getting our hands around it.” Harker shared his remarks during a community banking conference. 

Harker provided his idea as an attempt to reply to a concern, regarding the choice the Federal Reserve has made to design its instant payments tool – currently dubbed FedNow – which has bên previously rolled out at the start of August this year. 

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

Previously, the banks at the Federal Advisory Council (FAC) revealed that Facebook stablecoin project Libra could possess the ability to form a “shadow banking” system, which could potentially become an obstacle to the current business model employed by the banks, established upon the foundation of privacy.

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