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.
Manaa, Mehdi and Chimienti, Maria Teresa and Adachi, Mitsutoshi M. and Athanassiou, Phoebus and Balteanu, Irina and Calza, Alessandro and Devaney, Conall and Diaz Fernandez, Ester and Eser, Fabian and Ganoulis, Ioannis and Laot, Maxime and Günther, Philipp and Poignet, Raphael and Sauer, Stefan and Schneeberger, Doris and Stracca, Livio and Tapking, Jens and Toolin, Colm and Tyler, Carolyn and Wacket, Helmut, Crypto-Assets: Implications for Financial Stability, Monetary Policy, and Payments and Market Infrastructures (May 17, 2019). ECB Occasional Paper No. 223 (2019); ISBN 978-92-899-3688-0, Available at SSRN: https://ssrn.com/abstract=3391055 or http://dx.doi.org/10.2139/ssrn.3391055
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