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)
Further reading All related content
Understanding the macroeconomic impact of cryptocurrency and stablecoin economics
In a recent analysis, the World Economic Forum’s Digital Currency Governance Consortium explored the macroeconomic outcomes of cryptocurrencies and stablecoins.
5 key points from the Financial Stability Board’s review of crypto assets
The Financial Stability Board wants to strengthen the international regulation of crypto assets and global stablecoins. Here are its 5 key recommendations
Cryptocurrency regulation is changing. Here's what you need to know
The World Economic Forum’s Digital Currency Governance Consortium (DCGC) has published research and analysis of the macroeconomic impacts of cryptocurrency and fiat-backed stablecoins.