But euro-related activity on exchanges represents a small share of global activity, and is concentrated on a small number of users. While VCs remained an esoteric interest, it seemed sufficient for authorities to mostly observe and issue warnings here and there. But it is the dose that makes the poison.
Now that VCs may grow to be economically significant, we need to reduce the risk of negative impacts on the economy. In my remarks today, I wish to explain what it takes for something to be considered “money” – and how VCs measure up.