Money has already evolved from coins, to notes, entries in balance sheets and bits on computers. The institutions that provide, operate, guarantee and regulate money have evolved with it. So how should it evolve in the digital era? The invention of cryptocurrencies has forced everybody involved and above all the central banks — the agents of the state in managing the public good of money — to confront this question. If crypto is not the answer, what is?
货币已经从硬币演变为纸币、资产负债表上的数字，以及计算机上的比特。提供、运营、担保和监管的机构也随之发展。那么它在数字时代应该如何发展？加密货币的发明迫使所有相关方面——尤其是央行（管理货币这种公共物品的国家代理人）——面对这个问题。如果加密货币不是答案，那么答案应该是什么？
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