The use of central bank money in payment systems puts the value of private money to the test every day by checking their convertibility into the defined unit of value, so preserving confidence in the currency 4. Panetta,For a few cryptos more: the Wild West of crypto finance F. (2022), “”, speech at Columbia University, 25 April.
For instance, crypto-assets are often used for illicit purposes. Across all cryptoassets tracked by Chainalysis, the total transactions amounted to USD 15.8 trillion in 2021. Transactions involving illicit addresses represented 0.15% of the total value, which amounted to USD 23.7 billion – see Chainalysis (2022), The 2022 Crypto Crime Report, February.