Stablecoins claim to stabilise the value of major currencies in the volatile crypto-asset market. This paper describes the often complex functioning of different types of stablecoins and proposes a taxonomy of stablecoin initiatives. To this end it relies on a novel framework for their classific...
The rapid growth of digital finance and crypto-assets has raised questions about the appropriate regulatory perimeter and the ability of the existing regulatory architecture to adapt to changing conditions. In this study, we evaluate the impact in terms of benefits and in terms of risk reduction...
Against the backdrop of a trend towards a cashless society and the emergence of private electronic monies, the paper discusses properties of digital currencies and implications for currency competition, describes benefits and risks of digitalisation of money for the society, explains the concept...
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 crypt...
Advanced economies are moving towards a cashless system, with a recent surge in cryptocurrencies, issued by private entities. Although digital currencies may increase welfare, due to a reduction in transaction costs, they introduce risks to monetary and financial stability. Furthermore, they bar...
Financial innovations are expected to gradually reshape the financial sector. This paper describes recent technological developments and their possible impact on monetary policy and financial stability. A focus is put on the prospects for digital currencies, which potentially have the most profo...