> This currency could satisfy public policy goals, such as (i) financial inclusion, and (ii) security and consumer protection; and to provide what the private sector cannot: (iii) privacy in payments.

If financial inclusion and privacy in payments were actual public policy goals, cryptocurrencies would be a lot less attractive.

In reality, the real public policy goals are:

1) Financial exclusion: using denial of access to the state run financial system as a political, law enforcement, social control and tax collection tool.

3) "Know your customer" and "anti-money laundering" (AML/KYC) rules that remove privacy in payments to make it easier to use the state run financial system as described in 1). These regulations in practice exclude the the poorer people in society - the people Lagarde like means when she says "financial inclusion" - that can't meet requirements like "proof of address" and can't meet the minimal balance / month fee requirements that have come about from these AML/KYC regs.