The way Paper Bills are created through Treasury notes, which represent debt. The real money is what the Bills represent, not the Bills themselves. Just because the Bills can be used to pay debt and are regarded as legal forms of payment, does not make them true money. Real money is gold and silver minted coin.

Cryptocurrencies are in the grey space, but being that they are electronic the closest thing they are like is currently "Bank Money" and is created as electronic money by broad money (M1/M2). This broad money is the money created by private banks through the recording of loans as deposits of borrowing clients, with partial support indicated by the cash ratio.

But being that Bank Money (broad money) is not created by a central bank, but people, it's not the same type of electronic money.

The main idea is, once the crypto is regulated we need to try to make it NOT be debt-based and tied to the Dollar, but real Gold and Silver.