Cryptocurrencies (such as bitcoins and ethereum) are electronic coins that use blockchain technology, which allows for the decentralization of monetary creation, that is the birth of a freely accepted private currency and a system of payments outside official circuits. safe and transparent for each participant in the circuit, but impenetrable by external operators, including state bodies. Therefore the illicit proceeds flow into it, protected. Since there are more cryptomete, their exchange requires a converter, obtained with crosschain technologies, such as that developed by the Hong Kong Comit and others. If from the microeconomic point of view they bring advantages, from the macroeconomic one they create problems of no small importance, since the diffusion of the cryptocurrencies expropriate the monetary sovereignty of the States, overturning one of the cardinal principles of monetary policy, the exogeneity of the money supply: the market and not the authorities establish the creation of money, the creation of which becomes endogenous, preventing to govern interest and inflation rates where necessary. Central banks lose their raison d'être in a structure in which cryptomete dominate.
The reaction of the government authorities to this possibility has so far been different, oscillating from the decision to make illegitimate the use of cryptocurrencies, as done by China, to assign to the State the task of managing them directly, as decided by Russia with the creation of the cryptor. A telematic compensation room has already been set up between the official cryptocurrencies with technologies similar to those of the crosschain, called USC-Utility Settlement Coin.
