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

Published 16.05.2019

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.

The author of this article is solely responsible for the content published.

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