The paper notes that the use of cryptocurrency is growing around the world, but unevenly so, with increasing links to the real economy.
Because of that, they recommend a country-by-country assessment of how much it should be monitored., is the beginning of a method to assess how important cryptocurrency is in any given nation.
In fact, they acknowledge that one key point of assessment, whether or not digital assets are macro-critical in a given nation, should be doneThe first decision to make is whether or not to engage in official crypto monitoring. If it's not legal tender, then the question becomes whether or not it's macro-critical to the country, which is a question of how big it is there and how interwoven it is with society.The paper seems to be aimed simply at getting policymakers to begin refining their thinking. They ask that folks consider issues like credit risk for different assets, liquidity for assets like stablecoins, if there's concentration in an important cryptocurrency or service provider, et cetera.
By going through the C-RAM process, the authors note, "There is no strong evidence that [the country's] financial sector is exposed to crypto," in part because digital assets are not permitted as a means of payment .
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