Piecemeal approaches to cryptocurrency regulation have to be changed by a globally coordinated framework. In response, many governments are considering introducing their own digital currencies. Since the creation of Bitcoin in 2009, cryptocurrencies have exploded in popularity and are right now collectively worth trillions of dollars. A breakdown of each Tuesday’s open curiosity for markets; during which 20 or more traders maintain positions equal to or above the reporting ranges established by the CFTC. While dollar dominance has rankled much of the world for decades, there was no appropriate substitute for the U.S., with its large economic system, refined banking system and sprawling worldwide presence. Digital currencies are the next wave within the “evolution of the nature of cash within the digital financial system,” Hyun Song Shin, financial adviser and co-leader of the Monetary and Economic Department on the Bank for International Settlements, tells TIME.