Biagio Bossone pitches his opinion on crypto money, via VOX, of Europe:

Abstract: Electronic money – digital payment instruments that store value – can be seen simply as a technological innovation for holding and accessing regular money. This column argues that how it is used and regulated will determine whether e-money instead serves as a replacement for existing money, and discusses the regulatory implications.

His claim is that e money cannot meet all the regulatory burdens of regular central bank money. But the division between money services and money value is false.  Trading pits, the standard issue S&L runs autonomously, there is no seigniorage  Hence, bank trading rules do not apply.  Not are there any time structured contracts at the pure cash layer.  All transactions are generally fair bets, and the net value of any S&L, in terms of accumulated bit error, is known to 3% or so according to contract. So, for basic money issuance, there is no gain to involve regulator code. So, onve you have e money, youhave money issuance and currency risk, no way to avoid it.