The European Central Bank (ECB) Crypto-Assets Task Force has published an article discussing the crypto-asset phenomenon with a view to understanding its potential risks and enhancing its monitoring. The article:
- describes the characteristics of the crypto-asset phenomenon, in order to arrive at a clear definition of the scope of monitoring activities;
- identifies the primary risks of crypto-assets that warrant continuous monitoring – these risks could affect the stability and efficiency of the financial system and the economy – and outlines the linkages that could cause a risk spillover;
- discusses how, and to what extent, publicly available data allow the identified monitoring needs to be met and, by providing some examples of indicators on market developments, offers insights into selected issues, such as the availability and reliability of data and covers selected statistical initiatives that attempt to overcome outstanding challenges; and
- offers a number of conclusions and points to the way forward for monitoring crypto-assets.