The private sector is exploring uses of distributed ledger technologies to create a wide range of payment instruments, some that are designed to resemble traditional commercial bank money, some that look similar to Bitcoin, and some that have  11  PayPal, Form 10-Q, September 30, 2019, retrieved from https://sec.report/Document/0001633917-19-000210/; Walmart, Form 10-Q, October 31, 2019, retrieved from http://d18rn0p25nwr6d.cloudfront.net/CIK0000104169/fcd4b7f8-578b-430b-90a3-9be0e6b51dec.pdf; Starbucks, Fiscal 2018 Annual Report, https://s22.q4cdn.com/869488222/files/doc_financials/annual/2018/2018-Annual-Report.pdf.
-9-  attributes more similar to securities. Cryptocurrencies vary across multiple attributes, including whether the arrangement is open to everyone or only approved entities and whether they are intended for general-purpose use or for wholesale use. One important design choice is whether a digital currency is account-based or tokenbased.