*** Innovation is something that powers development in the financial sector, has contributed to the 4/6  BIS central bankers' speeches  high standard of living we now enjoy and has made finance more “democratic”. For example, crowdfunding has enabled access to finance to a greater part of the society, while using smartphone apps we can now make mobile payments.
Yet, digital currency is something else. I am not sure whether digital currency will become a substitute of cash in the near future since many important questions remain unanswered. Cryptocurrencies have no intrinsic value, only value in exchange. Their value derives from the hope, to quote Yves Mersch, “of finding a greater fool to sell to before the inevitable crash”10 .