While this may sound like the success of crypto, there are still many concerns regarding decentralized currencies that are not regulated by government institutions. A recent article by a researcher at the Stanford Graduate School of Business reveals how currencies-crypto can act as the "ghost money" and share many problematic attributes of bank notes issued privately which have created instability during the era of "free banking". The document argued that,

"The Federal Reserve allows the creation of shadow money to proliferate thanks to a permissive approach to its three main functions which are monetary policy, banking supervision and regulation and oversight of the payment system."

After the 2008 financial crisis, cryptocurrencies emerged as an alternative form of money and payments, with its decentralized nature being the most notable feature. In recent years, the digital asset ecosystem has been overworked, with many central banks and companies around the world like Facebook planning to enter the market.

Even in the case of the Libra project , the study pointed out that the main criticism surrounding it remained around the fact that "the implications for the privacy, protection and inclusion of consumers and investors and the problems of money laundering silver". and that,

“Less attention has been paid to the broader systemic implications of digital currency for money and banking, at least in political spaces.”

However, while the unrestrained developments regarding the CBDCs have been the story over the past year, this has also allowed for greater awareness of crypto to some extent. In a recent interaction, Michael Kumhof of the Bank of England argued that the CBDCs have a role to play in creating a safer financial system, he noted:

“The CBDCs are now on the drawing board of several central banks. It was just an idea 7 years ago. It is now a concept and people are discussing it. Building a safer financial system is the main theme here. "