Making it through the (Crypto) Winter: Facts, Figures and Policy Issues

Guerino Ardizzi, Marco Bevilacqua, Emanuela Cerrato and Alberto Di Iorio
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Guerino Ardizzi: Directorate General for Currency Circulation and Retail Payments, Bank of Italy, Rome
Marco Bevilacqua: Directorate General for Financial Supervision and Regulation, Bank of Italy, Rome
Emanuela Cerrato: Directorate General for Markets and Payment Systems, Bank of Italy, Rome
Alberto Di Iorio: Directorate General for Currency Circulation and Retail Payments, Bank of Italy, Rome

Economia Internazionale / International Economics, 2023, vol. 76, issue 3, 311-352

Abstract: Crypto-assets have seen strong growth in terms of price in the last years, attracting the interest of retail and institutional investors. More recently, the market has experienced a sharp decline in prices also influenced by idiosyncratic events and tighter global financial conditions. Starting from the main events that unfolded in the crypto-assets market in 2022, this paper seeks to shed light on the challenges regulation faces, the areas it needs to cover, as well as on the drivers of the most recent regulatory developments. In order to do this, we rely on a conceptual framework that attempts to distinguish the different dimensions of the elusive concept of “decentralization”. Superare l’inverno (cripto): fatti, dati e questioni di policy Negli ultimi anni le cripto-attività hanno mostrato una forte crescita in termini di prezzo, attraendo l'interesse di investitori retail e istituzionali. Più recentemente, il mercato ha registrato un forte calo, influenzato anche da eventi idiosincratici e da condizioni finanziarie globali più restrittive. Partendo dai principali eventi che si sono verificati nel mercato delle cripto-attività nel 2022, questo lavoro si propone di far luce sulle sfide che la regolamentazione deve affrontare, sulle questioni aperte e sui fattori che hanno determinato i più recenti sviluppi normativi. A tal fine, ci si basa su un quadro concettuale che cerca di distinguere le diverse dimensioni dell'elusivo concetto di “decentralizzazione”.

Keywords: Crypto-Asset; Bitcoin; Blockchain; Regulation; Decentralization (search for similar items in EconPapers)
JEL-codes: G23 K29 O33 (search for similar items in EconPapers)
Date: 2023
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Citations: View citations in EconPapers (1)

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