As Cryptocurrencies Rise, Who Needs Banks?

Traditional economists often ignore a crucial separation between money (the “what”) and the payment technology (the “how). This is where bitcoin comes in. The advantage of cryptocurrencies is not that they are electronic currencies; dollars, euros, yen, and yuan are all e-currencies today. Rather, the advantage is that blockchain technology offers a complete, self-contained alternative to the traditional payment transfer system. It is as if all bitcoin users are banking with the same bank. If we want payment systems to be integrated, is there any need for multiple intermediaries? Why not simply make payment transfer a central bank function instead? If every individual had accounts at the central bank, and these were linked across countries, that would create a centralized ledger for an entire economy, which would increase the speed, safety, and efficiency of payments.