This is a topic we have covered here for several years. First we had a variety of private sector forays into the world of creating cryptocurrencies with most of the early attention focused on Bitcoin and the related blockchain technology that came along with it. Over time all kinds of new currencies arose and the private sector dived head first into tying to figure out ways to utilize blockchain technology. This whole process has been going on now for some time and thus far we have not seen any of this lead to something that leads to broad public adoption of an alternative cryptocurrency to seriously challenge the existing national fiat currencies. Even a huge private sector initiative from Facebook (Libra) discovered that there are many regulatory challenges involved with trying to do something that the central banks prefer left in their domain.