White Papers
Published: 20 July 2022

The Macroeconomic Impact of Cryptocurrency and Stablecoins

The scale of usage and domestic and international impact of crypto-assets varies across jurisdictions, but there has indisputably been a rapid growth in adoption. As this trend continues, even amid high volatility, various international financial governing bodies have highlighted the emerging risk to global financial stability, with potential macroeconomic impacts. There is a need for a timely and precautionary evaluation of the possible macroeconomic effects of cryptocurrencies and stablecoins and corresponding policy responses.

The scale of usage and domestic and international impact of crypto-assets varies across jurisdictions, but there has indisputably been a rapid growth in adoption. As this trend continues, even amid high volatility, various international financial governing bodies have highlighted the emerging risk to global financial stability, with potential macroeconomic impacts. There is a need for a timely and precautionary evaluation of the possible macroeconomic effects of cryptocurrencies and stablecoins and corresponding policy responses.

In the absence of high-certainty macroeconomic models that project the impact of cryptocurrency and stablecoins, this white paper seeks to forecast the potential effects based on qualitative assessments from global macroeconomists and credible literature in this space.

The Digital Currency Governance Consortium (DCGC) community – comprising a global, multi-sector set of more than 85 leading organizations – continues to discuss the potential solutions and regulatory paths for the future to enable the continued encouragement of the responsible roll-out and adoption of digital currencies. We will be publishing the DCGC’s second phase of work in two releases:

1. The macroeconomic impact of cryptocurrency and stablecoins

2. Regulatory best practices for cryptocurrency and stablecoins (to be published later this year)

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