1、 The crypto ecosystem:key elements and risks Report submitted to the G20 Finance Ministers and Central Bank Governors July 2023 This publication is available on the BIS website(www.bis.org).Bank for International Settlements 2023.All rights reserved.Brief excerpts may be reproduced or translated pro

2、vided the source is stated.ISBN 978-92-9259-670-5(online)The crypto ecosystem:key elements and risks i The crypto ecosystem:key elements and risks BIS report to be submitted ahead of the July 2023 G20 FMCBG meeting Contents 1.Introduction.12.The key elements of the crypto ecosystem.12.1Unbacked cryp

3、to.22.2Stablecoins.22.3Smart contracts and decentralised finance.33.Structural flaws and risks.53.1Structural flaws.53.1.1Fragmentation and congestion.53.1.2Stablecoins and the search for a nominal anchor.73.1.3False decentralisation claims and their consequences.93.2Risks.113.2.1Within the crypto e

4、cosystem.113.2.2Risks in DeFi.133.2.3Interconnectedness with the traditional financial system.143.2.4Risks to emerging market and developing economies.153.3Addressing the risks in crypto.163.4Addressing data gaps:Project Atlas.174.Conclusions.19References.20Glossary.23 The crypto ecosystem:key eleme

5、nts and risks 1 1.Introduction The market capitalisation of the crypto ecosystem notwithstanding a significant decline in 2022 lies in the trillions of dollars,and there are thousands of crypto coins in circulation.The spread of crypto has been global in nature and driven by a wide range of investor

6、s.In theory,the crypto universe builds on the premise of decentralisation.Rather than relying on central bank money and trusted intermediaries,crypto envisages that the recordkeeping of transfers is provided by a multitude of anonymous validators.Decentralised finance,or“DeFi”,seeks to replicate con