5. [26 marks] [Electronic Cryptocurrencies] Answer both parts (a) and (b) of this question

(a) In his 2009 White Paper, the inventor of Bitcoin, whose pseudonym is Satoshi Nakamoto, presented the case for a private peer-peer digital currency. Explain whether Nakamoto is justified in saying that governments and commercial banks cannot be trusted with the issuance of money.

(b) Discuss what is meant by the double spend problem and proof of work in a monetary system. Briefly explain how this is solved in the setting up of a cryptocurrency such as the Bitcoin.