Federal Reserve Ensures That the US Should Issue Its Cryptocurrency
Patrick Harker says that in about 5 years the US would be prepared to launch its own cryptoactive.
Currently, many governments have been surprised by the announcement of Facebook about the launch of its own cryptocurrency, Libra, raising interest and curiosity about these new technologies that are increasingly involved in the economic life of citizens in different countries.
Following this idea, the President of the Federal Reserve of Philadelphia, Patrick Harker, said that governments like the United States will have to develop and issue a cryptocurrency sooner or later. Therefore, it considers that the Central Banks of all countries will have to adapt to these new digital currencies; hence, in the end they must launch their own crypto assets to the local and global market.
These statements were issued by the public official, according to the Reuters news agency at the St. Louis Community Banking Conference. In addition to this, Harker added that the State must understand that in the end it must be involved in this market and avoid overcoming or not having control over it. The US would not be the only country in the world that would have its own cryptocurrency officially used by the State.
Then, the president of the Federal Reserve predicts that, perhaps, in about five or six years, the American country should have a complete system of payments which supports the character of cryptocurrencies with a government control that oversees the transactions.
This service has already been announced by the Federal Reserve institution, in the middle of this year. This is the system that will allow transactions and transfers of funds in real time. The FEDNow project will have a solid foundation in the special features of the system used by Bitcoin for its network.
Despite considering that cryptocurrencies have a clear future among the global economy, Harker maintains the certainty that the US dollar will remain the main currency used for world reserves. Through said statements, the president of the Federal Reserve considers that the US government closely monitors this technology and maintains the same level of interest in the asset as other potentially economically prosperous countries.
Patrick Harker is considered a defender of cryptographic technology since some time ago he gave a few words to some students of the University of Pennsylvania, in the United States. On that occasion, Harker praised the authentication properties of the registered data that blockchain technology possesses. He motivated to consider blockchain technology as the basis for the correct safekeeping of vital information for governments and public and private registries.
On that occasion, the president of the Federal Reserve emphasized his speech much more towards the facilities and properties that blockchain technology offers and not so much to the use of cryptocurrencies.
Apparently, the position of Harker regarding this issue has taken this course when evaluating the current situation of digital currencies in different markets and countries, as well as considering that Libra, the cryptocurrency of Facebook would be launched in 2020 and other countries are right now evaluating to create their own cryptocurrencies.
By María Rodríguez