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Understanding the crypto-asset phenomenon, its risks and measurement issues

Maria Teresa Chimienti, Urszula Kochanska and Andrea Pinna

Economic Bulletin Articles, 2019, vol. 5

Abstract: This article discusses the crypto-asset phenomenon with a view to understanding its potential risks and enhancing its monitoring. First, it describes the characteristics of the crypto-asset phenomenon, in order to arrive at a clear definition of the scope of monitoring activities. Second, it identifies the primary risks of crypto-assets that warrant continuous monitoring – these risks could affect the stability and efficiency of the financial system and the economy – and outlines the linkages that could cause a risk spillover. Third, the article discusses how, and to what extent, publicly available data allow the identified monitoring needs to be met and, by providing some examples of indicators on market developments, offers insights into selected issues, such as the availability and reliability of data. Finally, it covers selected statistical initiatives that attempt to overcome outstanding challenges. JEL Classification: E42, G21, G23, O33, C18

Keywords: bitcoin; crypto-assets; definitions; indicators; linkages; methodological issues; monitoring; risks (search for similar items in EconPapers)
Date: 2019-08
Note: 3532162
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