가상자산의 시장현상, 위험현황 및 금융기능의 가치측정에 대한 고찰

This paper discusses the phenomenon of crypto assets to understand potential risks and strengthen monitoring. First, we describe the characteristics of the crypto-asset phenomenon to clearly define the scope of monitoring activities. Second, it identifies the key risks of cryptocurrency assets that require continuous monitoring (these risks may affect the stability and efficiency of the financial system and economy) and describes the connections that may cause risk spillovers. Third, the article discusses how and to what extent the identified monitoring needs can be met through publicly available data, and provides some examples of indicators for market developments, such as availability and reliability of data. Provides insight into the problem. Finally, we address selected statistical initiatives to overcome outstanding challenges. The phenomenon of crypto assets can be defined and analyzed from various perspectives: basic technology, functionality, and economic impact of these assets. While the use of encryption is implicit when choosing the term “crypto” assets, traditional assets such as currency and financial instruments can also be recorded via the same technology (typically distributed ledger technology (DLT)). Therefore, DLT is not what differentiates this new phenomenon from other assets recorded digitally through more traditional technologies. Additionally, issuers of digitally recorded assets are, in principle, free to change the technology used for recording. This means that using DLT as a defining element of a crypto asset could hinder the comparability of data over time and limit its information content. To ensure consistency of analysis across technologies over time, the ECB decided to define crypto-assets: “A new type of asset recorded in digital format and made possible by the use of cryptography, which does not represent and does not represent a financial claim or liability to any identifiable entity.” Therefore, the focus is on the regulatory, economic and business dimensions of cryptoassets as a new asset class rather than on the use of technologies that are necessary for their current existence but are not specific. The fact that crypto assets do not constitute claims on an identifiable entity means that their value is backed solely by expectations of what other users will be willing to pay for them in the future, rather than by future cash flows for which users can form expectations. All assets in digital form can be recorded through DLT without necessarily being different from non-DLT assets in terms of their economic impact and legal nature, and therefore potentially subject to the same regulations. Recording an asset on a distributed ledger does not change the economic characteristics of the asset or the associated risks that require scrutiny by regulators. Assets that constitute a claim to an identifiable entity, regardless of the technology used for bookkeeping, do not fall within the definition and analysis of cryptographic assets in this document. Therefore, this paper does not cover private financial assets such as financial products and funds in the form of electronic money or commercial bank money. It also does not address central bank money in the form of bank reserves, cash, or the extensively studied but still theoretical concept of central bank digital currency.