Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/207609
Authors: 
Manaa, Mehdi
Chimienti, Maria Teresa
Adachi, Mitsutoshi M.
Athanassiou, Phoebus L.
Balteanu, Irina
Calza, Alessandro
Devaney, Conall
Diaz Fernandez, Ester
Eser, Fabian
Ganoulis, Ioannis
Laot, Maxime
Philipp, Günther
Poignet, Raphael
Sauer, Stephan
Schneeberger, Doris
Stracca, Livio
Tapking, Jens
Toolin, Colm
Tyler, Carolyn
Wacket, Helmut
Year of Publication: 
2019
Series/Report no.: 
ECB Occasional Paper 223
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.
Subjects: 
crypto-assets
characterisation
monitoring
crypto-assets risks
JEL: 
E42
G21
G23
O33
Persistent Identifier of the first edition: 
ISBN: 
978-92-899-3688-0
Document Type: 
Research Report

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