Monetary policy in time of cryptocurrencies

First generation cryptocurrencies have indicated practical options for rethinking our monetary system and our way to conceive monetary policies. Central Banks have for many years relinquished the task of affecting the behavior of cryptocurrency holders. Instead, it has been state regulation that has sought to discourage the increase in cryptocurrency demand through specific normative interventions. Since 2018, regulators have begun to pay close attention to the phenomenon, taking more seriously the potential threats to financial stability that could arise from an uncontrolled proliferation of cryptocurrencies. Monetary authorities are considering the possibility of creating digital currencies issued directly by Central Banks. This could change the scope of monetary policy as we know it today.