ST. LOUIS—At a community banking conference here, Philadelphia Federal Reserve Bank President Patrick Harker said he believes it is "inevitable" that central banks will begin issuing digital currencies.
“Frankly, I don’t think we should be the first mover as a nation to do this,” Harker was quoted by Reuters as saying, before conceding, “It is inevitable…I think it is better for us to start getting our hands around it.” Harker was responding to questions about the Fed's move to develop a real-time payment system.
Harker's comments come as members of Congress are encouraging the Federal Reserve to consider developing a digital dollar. As CUToday.info reported, in a letter sent to Fed Chairman Jerome Powell on Monday, U.S. Rep. French Hill (R-AR) and U.S. Rep. Bill Foster (D-IL) outlined concerns that the U.S. dollar could be in “long-term jeopardy."