国际清算银行-解决加密货币中的风险：制定选项（英）-2023.1-9页

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BIS Bulletin

No 66

Addressing the risks in crypto: laying out

the options

Matteo Aquilina, Jon Frost and Andreas Schrimpf

12 January 2023

BIS Bulletins are written by staff members of the Bank for International Settlements, and from time to time

by other economists, and are published by the Bank. The papers are on subjects of topical interest and are

technical in character. The views expressed in them are those of their authors and not necessarily the views

of the BIS. The authors are grateful to Anamaria Illes and Jose Maria Vidal Pastor for excellent research

assistance, and to Louisa Wagner for administrative support.

The editor of the BIS Bulletin series is Hyun Song Shin.

This publication is available on the BIS website (www.bis.org).

translated provided the source is stated.

ISSN: 2708-0420 (online)

ISBN: 978-92-9259-628-6 (online)

BIS Bulletin

Addressing the risks in crypto: laying out the options

Key takeaways

• The recent high-profile failures of FTX and other crypto firms have re-ignited the debate on the

appropriate policy response to address the risks in crypto, including through regulation.

• The “shadow financial” functions enabled by crypto markets share many of the vulnerabilities

of traditional finance. These risks are exacerbated by specific features of crypto.

• Authorities may consider different – not mutually exclusive – lines of action to tackle the risks

in crypto. These include containment or regulation of the crypto sector or an outright ban.

• Central banks and public authorities could also work to make TradFi more attractive. A key

option is to encourage sound innovation with central bank digital currencies (CBDCs).

After the failure of several major crypto firms, addressing the risks from crypto markets has become a

more pressing policy issue. Cryptoasset markets have gone through booms and busts before, and so far,

the busts have not led to wider contagion threatening financial stability. Yet the scale and prominence of

recent failures heighten the urgency of addressing these risks before crypto markets become systemic.

The crypto ecosystem and the “shadow financial” functions it engages in, through centralised financial

entities (CeFi) and decentralised finance (DeFi) protocols, share many of the vulnerabilities that are familiar

from traditional finance (TradFi). But several factors exacerbate the standard risks. These relate to high

leverage, liquidity and maturity mismatches and substantial information asymmetries. Policy responses

should consider how to address these sources of risk appropriately, given the borderless nature of crypto.

This bulletin briefly summarises the lessons of the 2022 turmoil. It then outlines three – non-mutually

exclusive – lines of action to address the risks in crypto: a ban, containment and regulation, as well as their

pros and cons. It also outlines complementary lines of policy action to address inefficiencies in TradFi and

curb the demand for crypto. One key option would be to encourage sound innovation with CBDCs. An

online appendix gives a selective overview of ongoing initiatives in crypto regulation.

The recent crypto turmoil: features and lessons

After peaking in late 2021, when cryptoasset prices, stablecoin volumes and DeFi activity reached all-time

highs (Graph 1, left-hand panel), the crypto ecosystem faced turmoil in 2022. The decline started early in

the year, but problems became acute in May. It was then that a large stablecoin, TerraUSD (UST) – which

relied on an algorithm to maintain its peg to the US dollar – collapsed, causing contagion in crypto markets

(Graph 1, centre panel). A period of relative calm followed, but crypto markets again saw serious stress in

November 2022, when the FTX crypto trading platform declared bankruptcy. In the past, despite repeated

turmoil, the crypto ecosystem has survived and prices have often recovered (Graph 1, right-hand panel).

There are thus reasons to doubt that crypto will fade away on its own. In particular, a substantial part of

the crypto community firmly believes in the ideological pursuit of a decentralised system as an alternative

Matteo Aquilina

Matteo.Aquilina

@bis.org

Jon Frost

Jon.Frost

@bis.org

Andreas Schrimpf

Andreas.Schrimpf@bis.org

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BISBulletinNo66Addressingtherisksincrypto:layingouttheoptionsMatteoAquilina,JonFrostandAndreasSchrimpf12January2023BISBulletinsarewrittenbystaffmembersoftheBankforInternationalSettlements,andfromtimetotimebyothereconomists,andarepublishedbytheBank.Thepapersareonsubjectsoftopicalinterestandaretechnic...

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