From February, 2019

BIS: Cryptocurrencies and the economics of money

Achieving trust in money through the consensus of self-interested bookkeepers imposes too many constraints and cuts too many corners for it to replace the monetary system. The technology is only a small part of the issue of the viability of cryptocurrencies. The underlying incentives and the economics are key. Even leaving aside the many important issues to do with illicit activities and consumer protection, cryptocurrencies fall a long way short of being able to sustain a monetary system. . . . The decentralised technology of cryptocurrencies, however sophisticated, and useful for many other purposes, is a poor substitute for the solid institutional backing of money through independent and accountable central banks. (Hyun Song Shin, BIS, June 2018)