A third exclusion ground exists when the payment instruments are only valid in a single Member State and are provided at the request of an undertaking or a public-sector entity and regulated by a national or regional public authority for specific social or tax purposes to acquire specific goods or services from suppliers having a commercial agreement with the issuer.
18 EUROPEAN CENTRAL BANK, Virtual Currency Schemes – A Further Analysis, February 2015, 24. 19 Idem, 24. The crypto-community is, however, looking for solutions to this problem, e.g. through the creation of stablecoins. See https://medium.com/fintech-weekly-magazine/stablecoins-what-are-they-actually-fora1bc0732e472.