The following text is based on my work with crypto and monetary policy. 

In their paper, "The Potential Effects of Cryptocurrencies on Monetary Policy" academics Nenad Tomich, Violeta Todorovich, and Bozhidar Chakajac delve into the implications of cryptocurrencies and CBDCs for central banks and the global economy. According to them, cryptocurrencies, underpinned by decentralized blockchain technology, challenge central banks and their ability to influence economic activity through traditional monetary policy tools. The widespread adoption of cryptocurrencies could decrease the demand for central bank money, ultimately reducing the effectiveness of these tools.

The paper highlights how central banks rely on controlling the money supply and interest rates to manage economic activity. As cryptocurrencies become more prevalent, this control may diminish, leading to potential issues in executing monetary policy. Central banks must adapt to the shifting financial landscape and prepare for the challenges that cryptocurrencies pose to their conventional methods. The authors discuss the potential benefits of CBDCs, such as increased efficiency, lower transaction costs, and the retention of central bank control over the money supply. However, they also emphasize the potential risks and challenges associated with CBDCs. Cybersecurity concerns, the impact on the traditional banking system, and the potential facilitation of illicit activities are all significant issues that need to be addressed.

In their conclusion, the authors emphasize the importance of carefully considering the potential effects of cryptocurrencies and CBDCs on monetary policy. They argue that central banks and policymakers should closely monitor and regulate the development and adoption of digital currencies to ensure financial system stability and maintain the effectiveness of the monetary policy. The authors also highlight the crucial role of international cooperation and coordination in addressing the challenges of cryptocurrencies and CBDCs. As digital currencies evolve, the cross-border collaboration will be necessary to develop cohesive regulatory frameworks and adapt to the changing landscape. The rise of digital currencies presents both opportunities and challenges, and policymakers need to understand and address these issues to ensure the stability and effectiveness of monetary policy in the digital age. 

The case is that the academic debate about cryptocurrencies is based on different arguments and positions. In some cases, arguments can be seen as "pro-crypto" while others can be seen as favoring governments, international institutions, and central banks. I

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