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

ECB Working Group on Global Value Chains ; Chair of the ICA-TF Mehdi Manaa, Secretariat of the ICA-TF Maria Teresa Chimienti, Members of the ICA-TF 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, Helmut Wacket

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.

MoreLess

Year of publication:	Mai 2019
Other Persons:	Manaa, Mehdi (contributor) ; Chimienti, Maria Teresa (contributor) ; Adachi, Mitsutoshi M. (contributor) ; Athanassiou, Phoebus (contributor) ; Balteanu, Irina (contributor) ; Calza, Alessandro (contributor) ; Devaney, Conall (contributor) ; Diaz Fernandez, Ester (contributor) ; Eser, Fabian (contributor) ; Ganoulis, Ioannis (contributor) ; Laot, Maxime (contributor) ; Philipp, Günther (contributor) ; Poignet, Raphael (contributor) ; Sauer, Stephan (contributor) ; Schneeberger, Doris (contributor) ; Stracca, Livio (contributor) ; Tapking, Jens (contributor) ; Toolin, Colm (contributor) ; Tyler, Carolyn (contributor) ; Wacket, Helmut (contributor)
Institutions:	Europäische Zentralbank / Crypto-Assets Task Force (issuing body)
Publisher:	Frankfurt am Main, Germany : European Central Bank
Subject:	crypto-assets \| characterisation \| monitoring \| crypto-assets risks \| Geldpolitik \| Monetary policy \| Finanzkrise \| Financial crisis \| Virtuelle Währung \| Virtual currency \| Zahlungsverkehr \| Payment transactions