【英文】世界经济论坛报告：加密货币和稳定币的宏观经济影响（55页）

英文研究报告 2022年08月09日 07:50 管理员

As crypto-assets have expanded in terms of both their use and market capitalization, macroeconomic research has followed suit. Work has been done to understand the risk of infationary events in private currencies, the optimal reserve design for stablecoins to minimize macroeconomic risk, and regulatory lessons from fnancial assets that share similarities with cryptocurrencies. Academic literature has also put forward the idea of increased public-private partnerships to help central banks and fnancial regulators keep up with the fastmoving pace of cryptocurrency developments and applications. Previous work done by the World Economic Forum Global Future’s Council for Cryptocurrency outlines fnancial integrity, operational considerations, consumer protection and privacy risks. From a policy standpoint, the macroeconomic consequences of cryptocurrencies have been top of mind for domestic and international policy-makers as well as non-governmental organizations (NGOs), multilateral development banks and fnancial services providers.

Such concern was triggered especially by the introduction of Libra (later Diem) in 2019, a global stablecoin that would be operated by Facebook (now Meta), which sparked fear that Facebook could have a disproportionate infuence on the global fnancial system. Bankers in the Eurozone, North America and elsewhere have all published risk assessments of digital currencies and how risks may be addressed in forthcoming regulation. In these assessments, central banks have raised concerns about, for example, substitution effects by global stablecoins and contagion risks to other parts of the fnancial system. Additionally, groups such as the FSB have brought attention to the need to conduct prudential risk monitoring. In the fgure below, published by the US Federal Reserve in May 2022 on the basis of survey data from autumn 2021, cryptocurrency and stablecoins were the ffth most cited risk to fnancial stability.