The blockchain revolution shakes the established order whereby institutions played the main role in disseminating trust in society. For the first time since the birth of institutions approximately 10,000 years ago, a technology allows to establish a system of trust that does not rely on a central authority but on all the members of the community that use it. Because we have been raised and educated in a centralized world, we feel insecure about decentralized systems. Nevertheless, it is very powerful operating mode. Given the current mistrust towards institutions, decentralized systems have a great opportunity to create a new world in which it is possible to think differently and where authority is not necessarily represented by a centralized human organization but by a combination algorithms/community. There will be great resistance, maybe even chaos, when shifting from one system to the other.

Digital currency rose to its prominence in 2009, marked by the birth of Bitcoin. The following seven years saw the burgeoning of a 10 billion dollar worth Bitcoin global network, which leads to more discussions from central banks around how to keep up with the trend both systematically and technologically. Debates on the legitimacy of digital currency never end, with speculation around possibilities of its replacement of fiat money, an ensuing prospective governance mechanism and its function akin to that of central banks. If these bold assumptions failed, can this monetary innovation work as a compliment to central bank policies and currency system? This article will look into the above possibilities and assumptions on the basis of existing researches, technologies and regulations, in hope for an all-round thinking and further discussions without giving away any affirmative conclusion due to the complicity of monetary system and early development of digital currency.