Crypto-Assets: Implications for Financial Stability, Monetary Policy, and Payments and Market Infrastructures

40 Pages Posted: 21 May 2019

See all articles by Mehdi Manaa

Mehdi Manaa

European Central Bank (ECB)

Maria Teresa Chimienti

European Central Bank (ECB)

Mitsutoshi M. Adachi

European Central Bank (ECB)

Phoebus Athanassiou

European Central Bank

Irina Balteanu

Banco de España

Alessandro Calza

European Central Bank (ECB)

Conall Devaney

European Central Bank (ECB)

Ester Diaz Fernandez

European Central Bank (ECB)

Fabian Eser

European Central Bank (ECB)

Ioannis Ganoulis

European Central Bank (ECB) - Directorate General Economics

Maxime Laot

European Central Bank (ECB)

Philipp Günther

European Central Bank (ECB)

Raphael Poignet

European Central Bank (ECB)

Stefan Sauer

CESifo (Center for Economic Studies and Ifo Institute) - Ifo Institute

Doris Schneeberger

European Central Bank (ECB)

Livio Stracca

European Central Bank (ECB)

Jens Tapking

European Central Bank (ECB)

Colm Toolin

European Central Bank (ECB)

Carolyn Tyler

European Central Bank (ECB)

Helmut Wacket

European Central Bank (ECB)

Date Written: May 17, 2019

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.

Keywords: crypto-assets, characterisation, monitoring, crypto-assets risks

JEL Classification: E42, G21, G23, O33

Suggested Citation

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

Mehdi Manaa (Contact Author)

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Maria Teresa Chimienti

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Mitsutoshi M. Adachi

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Phoebus Athanassiou

European Central Bank ( email )

Sonnemannstrasse 20
Frankfurt am Main, 60314
Germany

Irina Balteanu

Banco de España ( email )

Alcala 50
Madrid 28014
Spain

Alessandro Calza

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany
0049 69 13440 (Phone)
0044 69 1344 6000 (Fax)

Conall Devaney

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Ester Diaz Fernandez

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Fabian Eser

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Ioannis Ganoulis

European Central Bank (ECB) - Directorate General Economics ( email )

Kaiserstrasse 29
D-60311 Frankfurt am Main
Germany

Maxime Laot

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Philipp Günther

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Raphael Poignet

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Stefan Sauer

CESifo (Center for Economic Studies and Ifo Institute) - Ifo Institute ( email )

Poschinger Str. 5
Munich, 01069
Germany

Doris Schneeberger

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Livio Stracca

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany
0049 69 13440 (Phone)
0044 69 1344 6000 (Fax)

Jens Tapking

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Colm Toolin

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Carolyn Tyler

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Helmut Wacket

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

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