国际清算银行-加密货币和去中心化金融：功能和金融稳定性影响（英）

BIS Papers No 156 Cryptocurrencies and decentralised finance: functions and financial stability implications by Matteo Aquilina, Giulio Cornelli, Jon Frost and Leonardo Gambacorta Monetary and Economic Department April 2025 JEL classification: E42, G23, G28, O33, F38.Keywords: cryptocurrencies, decentralised finance (DeFi), financial stability, smart contracts, stablecoins, central bank digital currencies (CBDCs), cryptoisation, prudential regulation.2Cryptocurrencies and decentralised finance: functions and financial stability implicationsThe views expressed are those of the authors and not necessarily the views of the BIS. This publication is available on the BIS website (www.bis.org). © Bank for International Settlements 2025. All rights reserved. Brief excerpts may be reproduced or translated provided the source is stated. ISSN 1682-7651 (online) ISBN 978-92-9259-851-8 (online) Cryptocurrencies and decentralised finance: functions and financial stability implications 3Cryptocurrencies and decentralised finance: functions and financial stability implications Matteo Aquilina, Giulio Cornelli, Jon Frost and Leonardo Gambacorta1 Abstract Cryptocurrencies and decentralised finance (DeFi) aim to replicate many of the economic functions of traditional finance (TradFi), but their distinctive features introduce new financial stability risks. We analyse these features, and examine key developments, such as smart contracts, decentralised exchanges (DEXs), stablecoins and new forms of central bank money. Our findings suggest that while the underlying economic drivers are not different than in TradFi, DeFi poses significant challenges, including new forms of information asymmetries, market inefficiencies and the risk of cryptoisation in emerging markets. We propose tailored regulatory interventions, such as embedding rules within smart contracts and strengthening the oversight of stablecoins, to manage financial stability risks. Finally, we provide a framework for prudential regulation that can mitigate risks while fostering innovation in the rapidly evolving crypto ecosystem. JEL classification: E42, G23, G28, O33, F38. Keywords: cryptocurrencies, decentralised finance (DeFi), financial stability, smart contracts, central bank digital currencies, smart contracts, stablecoins, central bank digital currencies (CBDCs), cryptoisation, prudential regulation.1Matteo Aquilina is at the Bank for International Settlements (BIS) and at Macquarie University. Giulio Cornelli is at the BIS. Jon Frost is at the BIS and at the Cambridge Centre for Alternative Finance (CCAF). Leonardo Gambacorta is at the BIS and at the Centre for Economic Policy Research (CEPR). The views expressed in this paper are those of the authors and do not necessarily reflect those of the BIS. This paper will appear as a chapter in the new Research Handbook of Macroprudential Policy, published by Elgar. We thank the editors, David Aikman and Prasanna Gai, for comments and suggestions. We also