ExtractThe existing monetary system of the crypto economy is made up of privately issued currencies that do not meet the conventional qualities of moneyness and are competing against one another. Cryptocurrencies do not meet the qualities of moneyness largely because they have become speculative financial assets, rather than merely because they are private in nature. Non-affiliation to the sovereign or state can be disadvantageous for private cryptocurrency as it cannot be regarded as legal tender. However, that should not of itself result in the sub-optimal quality of moneyness in private cryptocurrencies. Commentators show that where currencies compete, private currencies that are issued to stimulate productivity are beneficial, as they can compete to become responsive to productive users’ needs. They can become stable over time, as econometric modelling shows that private competing currencies issued by banks for productive use can over the long term produce stability, aligned with the Hayekian thesis....