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(MNI)

Philadelphia Fed president Patrick Harker said it's only a matter of time before central banks including the U.S. Federal Reserve start issuing digital currency. It's "inevitable" they will be rolled out, and with the private sector innovating in many ways, central banks must "take note of that" and start planning.

"Creating a central bank digital currency is different than in the private sector," he said. "We would still be the fiat currency, the default currency for the world. That's the goal." Digital currencies are developing around the world "and we are actually doing a lot of analysis on the economics side of the house at the Philly Fed," said Harker, speaking with the Global Interdependence Center.

MNI Washington Bureau | +1 202-371-2121 | evan.ryser@marketnews.com