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Cryptocurrencies (unregulated, private digital money) using blockchain technology permit the exclusion of middlemen and bankers in making electronic payments completely. Cryptocurriencies permits, fast, verified, anonymous payments systems. Currently, the number of transactions in cryptocurrencies is relative, there is a lot of speculative volatility (1 Bitcoin =$6,7429 as of 11/9), but market capitalization is high (Bitcoin alone is 1.2T and there are approximately 400 cryptocurrencies). These private digital currencies are sues mostly for speculative purposes and illicit activities since few legitimate businesses use digital currencies in day-to-day business.
(1) if cryptocurrencies were to spread and become more popularly accepted and use more as a medium of exchange(key function of money) what implication would it have for monetary authorities who try to control the money supply via some of the instruments we learned about --reserve requirement rates, open market operations, policy rates, etc.
(2) governments and central banks should regulate or even enter the space and issue their own digital currency, why or why not?
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