The evolution of new forms of digital money has been going on for over a decade. One of the enabling elements of this development is technological innovation. However, first applications of crypto-assets do not represent digital currencies, but an evolutionary step towards monetary instruments. To understand the phenomenon and imagine future scenarios, it is necessary to analyse the functioning of money from a technical-monetary perspective. With these tools, it is possible to frame better the contribution of technological innovation, both for private and public forms of digital money. Outlining the contribution in this way, it emerges that technology is not the only innovation factor to consider. Market competition and regulatory responses play also a driving role, combined and interconnected with technology. Following this approach, the future of digital currencies should be envisaged bearing in mind also the relevance of the demand for money in terms of needs as well as the direct and reflexive effects of regulation.