Since Bitcoin was introduced a decade ago, about 2,100 cryptocurrencies have been developed. Cryptocurrencies are digital representations of value, that have no status as legal tender, and are administered using distributed ledger technology, running on a network of independent, peer-to-peer computers.

Cryptocurrencies are controversial. Some think they will revolutionize the international payments system for the better; others are skeptical of the business model, calling it a scam.  The interest and debate surrounding cryptocurrencies have led some central banks to examine whether the technology underpinning cryptocurrencies could be used, to create digital versions of fiat currencies, which would have legal status in their jurisdiction of the issue.