Crypto-Assets: Implications for financial stability, monetary policy, and payments and market infrastructures

Mehdi Manaa, Maria Teresa Chimienti, Mitsutoshi Adachi, Phoebus Athanassiou, Irina Balteanu, Alessandro Calza, Conall Devaney, Ester Diaz Fernandez, Fabian Eser, Ioannis Ganoulis, Maxime Laot, Günther Philipp, Raphael Poignet, Stephan Sauer, Doris Schneeberger, Livio Stracca, Jens Tapking, Colm Toolin, Carolyn Tyler and Helmut Wacket

No 223, Occasional Paper Series from European Central Bank

Abstract: This paper summarises the outcomes of the analysis of the ECB Crypto-Assets Task Force. First, it proposes a characterisation of crypto-assets in the absence of a common definition and as a basis for the consistent analysis of this phenomenon. Second, it analyses recent developments in the crypto-assets market and unfolding links with financial markets and the economy. Finally, it assesses the potential impact of crypto-assets on monetary policy, payments and market infrastructures, and financial stability. The analysis shows that, in the current market, crypto-assets’ risks or potential implications are limited and/or manageable on the basis of the existing regulatory and oversight frameworks. However, this assessment is subject to change and should not prevent the ECB from continuing to monitor crypto-assets, raise awareness and develop preparedness. JEL Classification: E42, G21, G23, O33

Keywords: characterisation; crypto-assets; crypto-assets risks; monitoring (search for similar items in EconPapers)
Date: 2019-05
New Economics Papers: this item is included in nep-fmk, nep-mon and nep-pay
Note: 2662762
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:ecb:ecbops:2019223

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