| Summary/Abstract |
This is the year that digital currencies went mainstream. In the
span ofjust three months last spring, China tested its "rstever digital currency in some of its largest cities, hackers
breached a major U.S. oil pipeline and successfully demanded a ransom ofmore than $4 million in Bitcoin, cryptocurrencies surged to a
record combined market capitalization ofover $2 trillion, and Jerome
Powell, the chair ofthe U.S. Federal Reserve, warned that cryptocurrencies are “highly volatile” and “may carry potential risks to . . . users
and to the broader "nancial system.”
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