Crypto-currencies: a bubble or the emergence of a new paradigm in decentralised finance?

The proliferation of crypto-currencies (CCs) and the popularity of these assets among investors has led us to question their nature, function, valuation and potential development. CCs are at the crossroads of technological innovation, finance and monetary policy.

While this innovation promises the development of a more inclusive form of finance, it cannot challenge the monopoly of central banks (CBs) in terms of monetary policy without putting the entire financial system at risk. It is up to regulators to find an appropriate regulatory framework to take advantage of the development of these assets without putting macro-financial stability at risk.

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