Cryptoassets: potential implications for financial stability

Faidon Kalfaoglou ()
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Faidon Kalfaoglou: Bank of Greece

Economic Bulletin, 2019, issue 50, 111-134

Abstract: The phenomenon of cryptoassets emerged over the past few years and has prompted several national and international institutions to deal with the issue, in particular with its implications for financial stability. In order to assess the impact, a taxonomy is needed. The paper starts with exploring the blockchain, which is the enabling technology, and continues with a discussion on Financial Technology (FinTech) both in general and with a focus on blockchain applications. Further, the ecosystem of cryptoassets is explored and an analysis of cryptocurrencies, which are the most popular application of cryptoassets, is attempted. In each case, a non-technical briefing on the topic is provided, followed by some thoughts on potential financial stability implications. The issue is rather new and largely inconclusive. For the time being, we adhere to international institutions’ general recommendation that the risks are not significant as yet, but the phenomenon is dynamic and vigilant monitoring is warranted.

Keywords: blockchain; cryptography; FinTech; cryptoassets; digital assets; money; cryptocurrencies (search for similar items in EconPapers)
JEL-codes: G1 G11 G2 (search for similar items in EconPapers)
Date: 2019
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