Barry Topf | Source | Chief Economist at Sögur Monetary Technologies

It is easy to forget that central bank independence has never been a goal in and of itself. It is an attempt to deal with problems arising from possible conflicts when central banks make monetary policy for sovereign currencies alongside governments with different interests. It is a method of mitigating problems arising from the dominance of governments.

As a career economist and ex-central banker, it seems to me that the current debate about cryptocurrencies ignores the most fundamental questions. Sensational stories about price gyrations distract attention from critical issues, which should be addressed: Why do we need non-sovereign currencies? What good can they do, and for whom? Why now, of all times? And what are the risks?