For a few cryptos more: the Wild West of crypto finance

Speech by Fabio Panetta, Member of the Executive Board of the ECB, at Columbia University

New York, April 25, 2022

170 years ago, an American in a gold rush complained of a plight and flooded west across the border. Greed and illegal have changed this promised land into the western part.

One and a half centuries later, with the global financial crisis, the growing distrust of banks and technological innovation, a new dream of digital gold rush without a national control.

Sutoshi Nakamoto, no, or Satoshi Nakamoto's pen name software developers created the source code, believing that it would be a distributed digital money. Their 2008 "White Book" [1] shows a great passion for technology, especially encryption technology, but did not necessarily have a deep understanding of payments and money. They were trying to realize an anarchy utopia, a stable currency without public management.

After about 15 years, everyone has been talking about encryption assets. Cryptocurrency enthusiasts praise the excitement of the cryptocurrency market and believe that many people should adventure in cryptocurrency. From minor to brokers aiming to enter the digital financial market, the entire ecosystem has appeared. Cryptocurrency evangelists promise a paradise on the ground, use the fantastic story of the prices of crypto assets constantly rising, and maintains the momentum of the cryptocurrency bubble.

However, visibility is full of deception. The dream of creating Satoshi Nakamoto's reliable currency is just a dream.

The process of translating encryption assets takes time. The price is overwhelming. [Transactions that should be anonymous leave tracking traces. [3] Most cryptocurrencies are dependent on intermediaries and are inconsistent with the declared diversified financial philosophy. For example, in Salvador, the first country that accepted bitcoin as a legal settlement fund, payments are made through a legitimate wallet that has been managed central.

Cryptography is unstable and lacks safety, and is the opposite of promises. They are trying to create a new western pioneering era. [4] According to the little finger of Game of Thrones, chaos is the stairs. For this character, the story was not the best end. However, even if the success was temporary, only a few people could climb the stairs, and many others thought that nothing could be achieved.

In fact, cryptocurrency bazaars are now exceeding the substantial mortgage bazaar. [5] And he indicates incredibly related dynamics. While not accessing the appropriate device for control, cryptographic assets start speculation, cross, promise higher advantages, apply coordination holes, and remain defenseless. The fear of risks, lack of advantages, and the intense lobby activities by members of the Diet have led to an increase in risk and delays in adaptation.

We are not obliged to repeat the same mistake. Wait for the burrow to bury, and for the first time, you will notice how the risk of cryptocurrencies is incorporated into the economic system. However, some of them are actually more reasonable, have the time to come out in time, have all the opportunities to believe, and almost everyone will be western.

Now is the time to worry that it will be used for social benefit only in the accurate and adjustable adjustment. And for politicians, it is time to respond to the growing demand for the masses in digital assets and digital currency integration, so that Soblin funds can be applied to the digital age.

Today, we will tell you that encryption assets are considered as speculating and risky investments in real time, but also causing concerns about state and economic power. And we talk about the components of the nation, what is important to protect politicians and traders, and what is important to accumulate economic power without strangling innovation.

The rise of crypto-assets

First, let's explain from the major promotion factors of cryptographic assets.

Crypto action is considered to be the result of the formation of encryption methods and distributed book technology. Technical innovation has enabled the creation of real estate without basic claims. In the first line of creating the same thing, we are actually called "encryption-act without predetermination" and no one is liable, these assets are backed up by almost any warranty. Not controlled by any reliable operator. For this reason, it has purely speculative properties, but is quite volatile.

In order to eliminate the dangers of cryptocurrencies, which are not specified, "stable coins", which accompanied by one or more lo w-risk assets, attracted attention. However, if it is not adjusted, it will be measured only by the name. < SPAN> In fact, the cryptocurrency bazaar is now exceeding the substantial mortgage bazaar. [5] And he indicates incredibly related dynamics. While not accessing the appropriate device for control, cryptographic assets start speculation, cross, promise higher advantages, apply coordination holes, and remain defenseless. The fear of risks, lack of advantages, and the intense lobby activities by members of the Diet have led to an increase in risk and delays in adaptation.

We are not obliged to repeat the same mistake. Wait for the burrow to bury, and for the first time, you will notice how the risk of cryptocurrencies is incorporated into the economic system. However, some of them are actually more reasonable, have the time to come out in time, have all the opportunities to believe, and almost everyone will be western.

Now is the time to worry that it will be used for social benefit only in the accurate and adjustable adjustment. And for politicians, it is time to respond to the growing demand for the masses in digital assets and digital currency integration, so that Soblin funds can be applied to the digital age.

Today, we will tell you that encrypted assets are not only considered to be speculative and risky investments in real time, but also causing concerns about the state and economic power. And we talk about the components of the nation, what is important to protect politicians and traders, and what is important to accumulate economic power without strangling innovation.

First, let's explain from the major promotion factors of cryptographic assets.

Crypto action is considered to be the result of the formation of encryption methods and distributed book technology. Technical innovation has enabled the creation of real estate without basic claims. In the first line of creating the same thing, we are actually called "encryption-act without predetermination" and no one is liable, these assets are backed up by almost any warranty. Not controlled by any reliable operator. For this reason, it has purely speculative properties, but is quite volatile.

In order to eliminate the dangers of cryptocurrencies, which are not specified, "stable coins", which accompanied by one or more lo w-risk assets, attracted attention. However, if it is not adjusted, it will be measured only by the name. In fact, cryptocurrency bazaars are now exceeding the substantial mortgage bazaar. [5] And he indicates incredibly related dynamics. While not accessing the appropriate device for control, cryptographic assets start speculation, cross, promise higher advantages, apply coordination holes, and remain defenseless. The fear of risks, lack of advantages, and the intense lobby activities by members of the Diet have led to an increase in risk and delays in adaptation.

We are not obliged to repeat the same mistake. Wait for the burrow to bury, and for the first time, you will notice how the risk of cryptocurrencies is incorporated into the economic system. However, some of them are actually more reasonable, have the time to come out in time, have all the opportunities to believe, and almost everyone will be western.

Now is the time to worry that it will be used for social benefit only in the accurate and adjustable adjustment. And for politicians, it is time to respond to the growing demand for the masses in digital assets and digital currency integration, so that Soblin funds can be applied to the digital age.

Today, we will tell you that encryption assets are considered as speculating and risky investments in real time, but also causing concerns about state and economic power. And we talk about the components of the nation, what is important to protect politicians and traders, and what is important to accumulate economic power without strangling innovation.

First, let's explain from the major promotion factors of cryptographic assets.

Crypto-assets and public policy concerns

Crypto action is considered to be the result of the formation of encryption methods and distributed book technology. Technical innovation has enabled the creation of real estate without basic claims. In the first line of creating the same thing, we are actually called "encryption-act without predetermined", and no one is liable, these assets are backed up by almost any warranty. Not controlled by any reliable operator. For this reason, it has purely speculative properties, but is quite volatile.

In order to remove the dangers of cryptocurrency, which is not specified, "stable coins", which accompanied by lo w-risk assets of one or more, attracted attention. However, if it is not adjusted, it will be measured only by the name.

In fact, even if the risk is low, there is no risk and you cannot guarantee the repayment of the face value at any time. [Deposit insurance is not applied and cannot be used for central bank reserves. Therefore, it is vulnerable to escape. [According to the survey, on e-third of the recent stable currencies have not survived. [8]

Despite these drawbacks, the number of cryptocurrency transactions has increased significantly, and about 10, 000 types are now on the market.

The driving force of this growth is the complex and opaque cryptocurrency ecosystem composed of cryptocurrency minor and service providers such as exchanges and wallets, and these ecosystems are basically regulated. There is not enough regulations and destruction.

In this market, the distributed financial field that supports the trading, borrowing, and investment of the actors without intermediaries is growing rapidly in this market. [10]

Proposals for cryptographic assets are highly demand not only by professional investors but also by general investors. By 2021, about 16%of Americans [11] and about 10%of European [12] have invested in encrypted assets.

Crypto assets, especially unsecured encryption assets, are concerned about the lack of fundamental indicators, many recent scandals [13], the use of illegal activities, and the highly priced volatility of encrypted assets. 。 All of these indicate the mechanics of the excess of the market.

First, the market is very concentrated. Individual investors who own Bitcoin less than 1 0-bitcoin owns on e-tenth of Bitcoin's proposal, and professional investors and wealthy have almost tw o-thirds. [14]

The selfish interests of large investors naturally lead to an increase in lobby activities. [15] In the United States, in the first nine months of 2021, cryptocurrency companies spent about $ 5 million in lobbying in the Senate.

Crypto-assets and financial stability risks

Many news and investment information on social networks emphasize the rise in the past, function as an artificial lack of supply, and may miss profits. As a result, many people invest without understanding what they are buying. [16] < SPAN> In fact, there is no risk even if the risk is low, and the repayment of the face value cannot be guaranteed at any time. [Deposit insurance is not applied and cannot be used for central bank reserves. Therefore, it is vulnerable to escape. [According to the survey, on e-third of the recent stable currencies have not survived. [8]

Despite these drawbacks, the number of cryptocurrency transactions has increased significantly, and about 10, 000 types are now on the market.

The driving force of this growth is the complex and opaque cryptocurrency ecosystem composed of cryptocurrency minor and service providers such as exchanges and wallets, and these ecosystems are basically regulated. There is not enough regulations and destruction.

In this market, the distributed financial field that supports the trading, borrowing, and investment of the actors without intermediaries is growing rapidly in this market. [10]

Proposals for cryptographic assets are highly demand not only by professional investors but also by general investors. By 2021, about 16%of Americans [11] and about 10%of European [12] have invested in encrypted assets.

Crypto assets, especially unsecured encryption assets, are concerned about the lack of fundamental indicators, many recent scandals [13], the use of illegal activities, and the highly priced volatility of encrypted assets. 。 All of these indicate the mechanics of the excess of the market.

First, the market is very concentrated. Individual investors who own Bitcoin less than 1 0-bitcoin owns on e-tenth of Bitcoin's proposal, and professional investors and wealthy have almost tw o-thirds. [14]

The selfish interests of large investors naturally lead to an increase in lobby activities. [15] In the United States, in the first nine months of 2021, cryptocurrency companies spent about $ 5 million in lobbying in the Senate.

Many news and investment information on social networks emphasize the rise in the past, function as an artificial lack of supply, and may miss profits. As a result, many people invest without understanding what they are buying. [16] In fact, there is no risk even if the risk is low, and the repayment of the face value cannot be guaranteed at any time. [Deposit insurance is not applied and cannot be used for central bank reserves. Therefore, it is vulnerable to escape. [According to the survey, on e-third of the recent stable currencies have not survived. [8]

Despite these drawbacks, the number of cryptocurrency transactions has increased significantly, and about 10, 000 types are now on the market.

The driving force of this growth is the complex and opaque cryptocurrency ecosystem composed of cryptocurrency minor and service providers such as exchanges and wallets, and these ecosystems are basically regulated. There is not enough regulations and destruction.

In this market, the distributed financial field that supports the trading, borrowing, and investment of the actors without intermediaries is growing rapidly in this market. [10]

Regulating crypto-assets

Proposals for cryptographic assets are highly demand not only by professional investors but also by general investors. By 2021, about 16%of Americans [11] and about 10%of European [12] have invested in encrypted assets.

Crypto assets, especially unsecured encryption assets, are concerned about the lack of fundamental indicators, many recent scandals [13], the use of illegal activities, and the highly priced volatility of encrypted assets. 。 All of these indicate the mechanics of the excess of the market.

First, the market is very concentrated. Individual investors who own Bitcoin less than 1 0-bitcoin owns on e-tenth of Bitcoin's proposal, and professional investors and wealthy have almost tw o-thirds. [14]

The selfish interests of large investors naturally lead to an increase in lobby activities. [15] In the United States, in the first nine months of 2021, cryptocurrency companies spent about $ 5 million in lobbying in the Senate.

Many news and investment information on social networks emphasize the rise in the past, function as an artificial lack of supply, and may miss profits. As a result, many people invest without understanding what they are buying. [16]

Like a mouse lecture, this dynamism continues as long as the price rises and the value of a monkey bill may exist without income flow or guarantee. Until the enthusiasm cools down and the bubble collapses.

Cryptocurrency, on the other hand, will claim that cryptographic assets are completely different, and regulating them hinders innovation. I've heard this before. But does cryptographic assets really bring value to the payment system?

Unsecured encryption assets do not fulfill their original purpose of payment. It is simply that the fluctuation is too intense, so you cannot achieve three functions of money (replacement medium, value storage, account unit). [17]

For example, from November 2021 to January 2022, the price of bitcoin fell from $ 68. 00 to $ 38. 000. The volatility in three months was 60 %, about 5 times the gold, and four times the US stock. [18]

Such a high volatility also means that household budget cannot trust encrypted assets as a value storage for lon g-term consumption. Similarly, companies cannot trust encrypted assets as price calculation or balance sheet accounts.

If there are no appropriate regulations and surveillance, this is true for Stable Coin, because consumer protection is weak and there are vulnerabilities in panic selling. With proper regulations and surveillance, Stable Coin is just an electronic money mechanism. This has been known for years. [19]

Therefore, cryptographic assets, especially encrypted assets, are not suitable for money. But is it fulfilling other valuable social and economic functions, such as consumption and investment funding and support for climate change measures? There is a reason to think that it works completely the opposite.

Crypto assets are widely used for crime and terrorism. [20] The amount of encryption assets exchanged for criminal purposes is large, exceeding $ 24 billion by 2021. [20] According to a survey, a maximum of $ 72 billion per year is associated with criminal activity, which is equivalent to about 23%of all transactions. [21] Ransomware attackers usually require payment by cryptocurrency. < SPAN> As in the mouse lecture, this dynamism continues as long as the price rises and that the value of unexpected bills may exist without income flow or guarantee. Until the enthusiasm cools down and the bubble collapses.

Cryptocurrency, on the other hand, will claim that cryptographic assets are completely different, and regulating them hinders innovation. I've heard this before. But does cryptographic assets really bring value to the payment system?

Unsecured encryption assets do not fulfill their original purpose of payment. It is simply that the fluctuation is too intense, so you cannot achieve three functions of money (replacement medium, value storage, account unit). [17]

For example, from November 2021 to January 2022, the price of bitcoin fell from $ 68. 00 to $ 38. 000. The volatility in three months was 60 %, about 5 times the gold, and four times the US stock. [18]

Such a high volatility also means that household budget cannot trust encrypted assets as a value storage for lon g-term consumption. Similarly, companies cannot trust encrypted assets as price calculation or balance sheet accounts.

Conclusion

If there are no appropriate regulations and surveillance, this is true for Stable Coin, because consumer protection is weak and there are vulnerabilities in panic selling. With proper regulations and surveillance, Stable Coin is just an electronic money mechanism. This has been known for years. [19]

Therefore, cryptographic assets, especially encrypted assets, are not suitable for money. But is it fulfilling other valuable social and economic functions, such as consumption and investment funding and support for climate change measures? There is a reason to think that it works completely the opposite.

Crypto assets are widely used for crime and terrorism. [20] The amount of encryption assets exchanged for criminal purposes is large, exceeding $ 24 billion by 2021. [20] According to a survey, a maximum of $ 72 billion per year is associated with criminal activity, which is equivalent to about 23%of all transactions. [21] Ransomware attackers usually require payment by cryptocurrency. Like a mouse lecture, this dynamism continues as long as the price rises and the value of a monkey bill may exist without income flow or guarantee. Until the enthusiasm cools down and the bubble collapses.

Cryptocurrency, on the other hand, will claim that cryptographic assets are completely different, and regulating them hinders innovation. I've heard this before. But does cryptographic assets really bring value to the payment system?

Unsecured encryption assets do not fulfill their original purpose of payment. It is simply that the fluctuation is too intense, so you cannot achieve three functions of money (replacement medium, value storage, account unit). [17]

For example, from November 2021 to January 2022, the price of bitcoin fell from $ 68. 00 to $ 38. 000. The volatility in three months was 60 %, about 5 times the gold, and four times the US stock. [18]

Such a high volatility also means that household budget cannot trust encrypted assets as a value storage for lon g-term consumption. Similarly, companies cannot trust encrypted assets as price calculation or balance sheet accounts.

1. Therefore, cryptographic assets, especially encrypted assets, are not suitable for money. But is it fulfilling other valuable social and economic functions, such as consumption and investment funding and support for climate change measures? There is a reason to think that it works completely the opposite.
2. There is still a good chance that encryption assets will be used for tax evasion and fines. For example, in recent years, North Korea has been actively hiring cryptocurrency experts. [22] Recently, the introduction of rubles with the introduction of penalties for the Russian Federation has increased the amount of trading of cryptographic assets. [23] However, it is doubtful whether encrypted assets are used by individuals or companies who are really facing a fine. [twenty four]
3. Thus, cryptographic assets are speculative assets that may cause serious damage to society. In reality, its importance is based on the greed of the leader. They rely on the greed of others and the hope that the plan works easily. In the meantime, this card house does not fall, and people are buried by their own loss.
4. Crypto assets account for the whole world of currency assets are still small (about 1 %). But, as I mentioned, the market size is already larger than the subprime loan before the collapse of finance began. We cannot avoid encryption assets.
5. The first listing bitcoin fund in the United States last October has been boosted by the demand for buyers, indicating that the energy of institutional investors over the assets has increased. [26] [26] Retail sector is continuing to expand, and retailers are often invited to advertisements that do not clearly emphasize the risks related to the product. [27]
6. Cryptoactives creates the danger of economic power with three major channels.
7. Second, a decline in encryption-asset prices can affect trader real estate, which actually affects economic systems.
8. The connection through these three channels is still limited. However, if cryptographic trading spreads widespread among institutional investors and retail traders, there is a good chance that these channels will grow agile. It is unlikely that a similar scenario was invented. For example, traders with huge nations, money advisors, and home rooms are leading in real time investing in cryptographic assets. [Such a larg e-scale technology player may announce a large permanent token for retail. [Daily model, meta cryptocurrency plan, and new meta ventures have already been seen. [By using your huge customer base and combining payments and other cash provisions, major technology companies can integrate the connection between the encryption activist ecosystem and the wider economic system.
9. It seems that such an extreme scenario is right there. However, the prolonged, the more risk and greedy interests are expected. And what is more difficult for politicians?
10. Politicians have no obligation to solve the crypto actions or related risks. We are obliged to determine the regulation methods adapted to various tools, depending on the serious situation based on risk evaluation. [36]
11. It is still a little early to catch up with the development of the formed issues, although progress is seen in Europe and around the world. It is necessary to accelerate progress in almost all directions.
12. First, there is an obligation to present the same demands as other economic systems for encrypted acts. This is all rules for preventing the use of cryptocation for funding and financing terrorist funding based on the standards organized by the Funding Management Organization (FATF), and the effective safe guard for compliance. It means to introduce it firmly. [38] These efforts are focused on the exposure balls to stereotypes to compete between money laundering (AML) and terrorist funding (CFT). It is still obliged to hit.
13. We have the same ratio of taxation on encrypted assets to the same ratio as other tools, take into account the size of the cryptocurrency market, and urgently in accordance with the consistency between jurisdictions. Participating in a pledge that provides reports on activities that exceed certain thresholds, such as the Financial Cooperation Agency (OECD), will increase and promote the struggle with tax evasion. [41]
14. Third, it is necessary to increase information disclosure and report to regulatory authorities. The disclosure of the current practices observed in the encryption industry, for example, the disclosure of preparatory assets that provide permanent coins is very problematic. [The demand for disclosure of information to financial institutions is literally handled to consider where the dangers related to encrypted assets are concentrated. At the same time, local government agencies (central banks, directors, and money laundering) should continue to improve their assembly ability to detect illegal transactions and economic power.
15. Europe is a good position in coordinating encryption assets. With the end of the position of the cipher asset market (MICA), alignment can adjust the entire Earth of the Federal World anywhere on the earth. Similarly, European Commission's legislative proposals for creating a single code for the EU UA/FT rules will effectively expose all cryptocurrent proposal providers to the EU's "correct framework." < SPAN> We have the same ratio of tax on encrypted assets to the same ratio for other tools, take into account the size of the cryptocurrency market, and urgently to rush to consistency between jurisdictions. Participating in a pledge that provides reports on activities that exceed certain thresholds, such as the Financial Cooperation Agency (OECD), will increase and promote the struggle with tax evasion. [41]
16. Third, it is necessary to increase information disclosure and report to regulatory authorities. The disclosure of the current practices observed in the encryption industry, for example, the disclosure of preparatory assets that provide permanent coins is very problematic. [The demand for disclosure of information to financial institutions is literally handled to consider where the dangers related to encrypted assets are concentrated. At the same time, local government agencies (central banks, directors, and money laundering) should continue to improve their assembly ability to detect illegal transactions and economic power.
17. Europe is a good position in coordinating encryption assets. With the end of the position of the cipher asset market (MICA), alignment can adjust the entire Earth of the Federal World anywhere on the earth. Similarly, European Commission's legislative proposals for creating a single code for the EU UA/FT rules will effectively expose all cryptocurrent proposal providers to the EU's "correct framework." We have the same ratio of taxation on encrypted assets to the same ratio as other tools, take into account the size of the cryptocurrency market, and urgently in accordance with the consistency between jurisdictions. Participating in a pledge that provides reports on activities that exceed certain thresholds, such as the Financial Cooperation Agency (OECD), will increase and promote the struggle with tax evasion. [41]
18. Third, it is necessary to increase information disclosure and report to regulatory authorities. The disclosure of the current practices observed in the encryption industry, for example, the disclosure of preparatory assets that provide permanent coins is very problematic. [The demand for disclosure of information to financial institutions is literally handled to consider where the dangers related to encrypted assets are concentrated. At the same time, local government agencies (central banks, directors, and money laundering) should continue to improve their assembly ability to detect illegal transactions and economic power.
19. Europe is a good position in coordinating encryption assets. With the end of the position of the cipher asset market (MICA), alignment can adjust the entire Earth of the Federal World anywhere on the earth. Similarly, European Commission's legislative proposals for creating a single code for the EU UA/FT rules will effectively expose all cryptocurrent proposal providers to the EU's "correct framework."
20. European regulatory measures need to be approached further. We must pay more interest in unsecured cryptocurrency trading executed without a proposal. Apart from this, it is not allowed to forget the pearing payment to the chain without adjusting. Ultimately, if you really want harmony of observations in all EU member countries, fresh European Money Laundering is obliged to observe more risky crypto suppliers.
21. The United States has taken measures in this direction [43], and the Economic Solutions Council (SFS) has cooperated with other international organizations such as the Payment and Market Infrastructure, Basel Bank Director, and FATF. He advanced by promoting a large amount of work programs regarding [44]. [45]
22. Let's end.
23. There is no need to solve a similar story that is repeated on a digital stage using cryptocurrency. < SPAN> Apart from this, the status of information (FCTR) in the proposed funding and the relocation of some encrypted acts (FCTR) tracks the transfer of cryptographic assets that are involved and blocking suspicious transactions. Focus on. Not only the European Committee, Congress Euro, and the European Union Council, but also thoroughly securing compliance by the national agencies under the jurisdiction is covered by the rapid rise of the cryptocurrency-market.
24. However, our measures can be effective only when we are supported by international allies.
25. We are obliged to develop this momentum and do not wait for a retreat, but rather create a special mass political forum that has key members who are important to destruction of risks formed in connection with encrypted acts. [46]
26. As a whole, the United States expanded to the western part in the late 19th century overlaps at the time when several states have established a law on free banking and relieved the request of the banking, and as a result, the "wild" bank. It became easier to be issued. [47] These banks are usually placed in remote areas where rampaging cats run, and as a result, they have the opportunity to issue a selected personal account for residents with inappropriate assets, but they want to pay. I didn't. Almost all banks have announced defaults, impairing the people's trust in the bank.
27. European regulatory measures need to be approached further. We must pay more interest in unsecured cryptocurrency trading executed without a proposal. Apart from this, it is not allowed to forget the pearing payment to the chain without adjusting. Ultimately, if you really want harmony of observations in all EU member countries, fresh European Money Laundering is obliged to observe more risky crypto suppliers.
28. The United States has taken measures in this direction [43], and the Economic Solutions Council (SFS) has cooperated with other international organizations such as the Payment and Market Infrastructure, Basel Bank Director, and FATF. He advanced by promoting a large amount of work programs regarding [44]. [45]
29. Let's end.
30. There is no need to solve a similar story that is repeated on a digital stage using cryptocurrency.
31. But that's not enough. The rise of the cryptocurrent asset market reflects the growing demand for society for digital assets and immediate payments. If public institutions such as local government authorities and intermediaries cannot relieve this demand, other institutions will support them.
32. ECB is at the forefront in all of these fields. We focused on digital euros, so that residents could use soblin funds at any time within the euro, and played a special role as an anchor of the payment and currency system. [48]
33. NAKAMOTO, S. (2008), Single-Power tool final system, bitcoin.
34. In 2021, the bazaar of cryptographic assets increased four times, and in November, the US market capitalization reached about $ 3 trillion, but decreased to half in just three months.
35. The owner has any chance to select anonymous in encryption support, but the blockchain is transparent from the following address, and the rays connected to these or other amounts are stored.
36. Gensler, G. (2021), concert at the Aspenseki Protection Forum, US Securities and Exchange Commission, August.
37. Government pressure House USA (2007), 「Substantial and predatory lending: New adjustment instructions, current market conditions and impact on regulated institutions」, hearing in the Subcommittee on Monetary Institutions and Consumer Lending to Committee of Order of the House of Adepts Committee of the US Congress, 27 MARCH.
38. StableCoins stabilization devices include decisive meanings to determine whether discarded coins can maintain a proper price. All types of stabilization mechanisms have the opportunity to urgently seek a responsible university intervention, which is responsible for the issuer and the manager, or to leave these tasks to StableCoins users. See Bullmann, D., Jonas, K. and Pinna, A. (2019). In pursuit of strength in encryption actua: Is constant coin considered a solution? ECB, OCCASIONAL PEPPER SERIES, AUGUST.
39. Panetta, F. (2021), "Present and Future of Funds in The Digital Age", Lecture, Rome, 10 Decementers.
40. Mizrah, B. (2021), Permanent Coins: Survivorship, Transaction Costs and Exchange Microsture, SSRN, 28 April.
41. According to Statista (2022).
42. No n-centralized funding increased to $ 110 billion in September last year, about $ 15 billion in the end of 2020, and later decreased to $ 80 billion in December. See the International Cash Fund (2022) Chapter 3, popular economic power report (April 19).
43. Economic Power Conference (2022), risk evaluation of crypto assets, February 16th.
44. Based on the ECB consumer expectation index (CES). In addition to CES, it collects information on financial and economic behavior of households in the euro area. The numbers in the text are from six countries (Belgium, Germany, Spain, France, Italy, the Netherlands).
45. For example. 5 billion dollar theft cryptocurrency, February; Ponge Skeme example. Bitcoin Savings and Trust, Planet Compiliance Mycoin Economic Pyramid, 10 major scandals released online, or WIRED (2021) Based on the IX TV series "The Squid Game" TRUUG PULL SCAM, squid-game cipher-how fraud has fled millions of dollars and November.
46. Source: Calculation of glassNode and ECB.
47. Economist magazine (2021), cryptographic lobby activity exploded, December.
48. According to the survey results, on e-third of the cryptographic asset traders do not fully understand these assets. Cardify (2021), All About the Crypto Train: WHO ARE THE LATEST CRYPTORS? February

Related topics

• See "Approval of the Central Bank Digital Currency (CVCB) and Digital Payments for the Central Bank of Central Bank for Central Bank of Central Bank on October 13, 2021." Apart from this, a European supervisor warned a while ago that these assets were not suitable for most retail buyers as investment, payment, and replacement methods.
• S & amp; amp; kp; Financial Stability Board (2022), Assessing Risks to Financial Stability From Crypto Assets, Fewbruary.
• {Space} See the European Central Bank (1998), an electric money report, August.
• ChainalySE (2022), The Crypto Crime Report 2022, February. The numbers in the text ($ 24 billion) in the text (0, 15 %) on the total scale of the 2021 cryptocurrency ($ 15. 8 trillion). I got it by riding.
• Foli, S., Karlsen, J. R. and Batnin, T. J. (2019), "Sex, Drugs and Bitcoin: How Much ILLEGAL WORK is Funded by Cryptocurencies?" Studies, May. Bitcoin for illegal payment The introduction is perfectly recorded, but the ratio of these payments to the total transaction by bitcoin has room for debate. FOWLEY (same book) is 45 %, but the 2022 chain analysis report contains at least 1 % of 2021 in 2021. At the same time, the correspondence relationship may be low because the denominator indicates the size of the trade (investment flow) instead of payment. Green, M. W. (2021), The Case Against Bitcoin, Common Sense, 14 May. After all, FATF is actually 0, 6 to 9 % (9 % (6) to 2020 to 2020. It has reached the transaction); Fatf (2021), "The Second 12-Month Educational Program of the Revied Fatf STYOTYPES ON VIRTUAL ASSETS and PROVIDERS OFF Al Asset Proposals ", JULY.
• The former South American Director of Cryptocurency Group has been sentenced to five years in prison for North Korea's transactions that North Korea contributes to entering US punishment with cryptocurrenc y-support. Apart from this, the U. S. Funding Department was associated with theft of encryption assets related to online games, which is famous for North Korean crackers.

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