From Breakingviews - Crypto is dead: long live crypto!
Historically, however, two constraints have tended to limit their reach. The first is that, because they lack the backing of the state, their acceptability is limited to users who know and trust one another as partners in some joint commercial or social project. The second is that arranging central private counterparties responsible for issuing, clearing and settling currencies is time-consuming, costly and hard.
The proposition that the circulation of private currencies might be economically beneficial has also been around for a while. Friedrich Hayek’s 1976 book “” argued that allowing foreign and privately issued moneys to circulate alongside national currencies would improve monetary stability through competitive pressure on central banks. Hayek’s scheme formed the basis for the UK Treasury’s 1989 proposal to launch the euro by first allowing it to circulate alongside existing European currencies.
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