One of the most unexpected and interesting effects of the Cyprus crisis has
been to shed light on the emerging role, which they will increasingly play,
of virtual currencies, in the staggering degree of change in modern finance,
for better or for worse.
...these currencies reveal that monetary creation is no longer the
monopoly of states. They can even be created by companies, local
communities, NGOs, terrorist movements.
Money is becoming a commodity just as any other commodity. If we do not
regulate these instruments, the worst is certain. If we tame them, they can
be a source of new abundance.