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  • Fed’s Patrick Harker believes that central bank digital currencies are inevitable.  
  • Harker believes that not anytime soon, however, he is looking the next five years.  

 

President of the Federal Reserve Bank of Philadelphia, Patrick Harker, said recently he is confident that central bank digital currencies are inevitable, as reported by Reuters.

Harker believes that the idea central banks will at some point release digital currencies, including the Federal Reserve. Harker added that the United States should not lead the way, given the dollar’s role as the world’s reserve currency and the need to test out new technologies.  

He noted on digital currencies:  

It is inevitable, I think it is better for us to start getting our hands around it. Not in the near future, I am looking at the next five years after that. What comes next? I do think it is something around digital currency.