Speaking this week at the Community Banking Conference in St. Louis, Harker pointed out that the United States shouldn't rush to issue a national cryptocurrency, but stressed that it's time to begin learning how it works, saying "It is inevitable ... I think it is better for us to start getting our hands around it."
Quite a leap from less than a year ago, where researchers at the Fed quickly brushed off the entire concept, at the time saying “Cryptocurrency is still a very young technology and there are large operational risks. Overall, we believe that the call for a ‘Fedcoin’ or any other central bank cryptocurrency is somewhat naive.”
But don't expect breaking news on this front soon, Harker believes a national cryptocurrency is still at least 5 years away.
------- Author: Mark PippenLondon News Desk