With the rapid development of cryptocurrencies and blockchain technologies, many large companies and investment banks are creating their own digital currencies for internal settlements and financial operations. For example, JPMorgan launched JPM Coin, and tech giants like Facebook (Libra) have proposed similar initiatives. Some investment funds are even allocating capital directly into cryptocurrencies.

In light of this trend, I ask:

Will the share of transactions made with traditional fiat money issued by central banks gradually decline due to the development of cryptocurrencies? What could be the consequences of this shift in countries with large and growing public debt?

I'm particularly interested in the implications for:

• Monetary system stability
• The relevance of national banking systems
• The risk of financial or currency crises
• The potential use of cryptocurrencies in international settlements
• The impact on investor confidence in sovereign currencies

Do you agree that these developments could reshape the future of global finance?

I welcome your thoughts and any relevant research.