July 4 (Cointime) - Bitcoin's critics argue that it fails to meet the textbook definition of money as a medium of exchange, unit of account, and store of value. However, the emergence of bitcoin has sparked a debate about the definition and usefulness of money.

ECB board member Fabio Panetta has claimed that crypto assets have not fulfilled the role of money and have not benefited society, favoring centrally controlled official innovation instead.

A report from the BIS and IMF suggests that central banks should decide the future of money, as crypto assets lack the trust anchor provided by central banks, but also acknowledges that money's function is not universal and its design should consider its function.

The emergence of blockchain technology has allowed for some separation of money's features, and the debate around what a CBDC should do is ongoing.