{
  "title": "Assessing Macrofinancial Risks from Crypto Assets",
  "publication": "IMF Working Papers, September 29, 2023",
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  "summary": "Failures in the crypto space—including the fall of Terra USD and the FTX debacle—have sparked calls for strengthening countries’ policy frameworks for crypto assets, including by enhanced regulation and supervision.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Authors: Burcu Hacibedel, Hector Perez-Saiz\n- Publication date: September 29, 2023\n- Paper type: IMF Working Papers, Working Paper No. 2023/214, Issue 214\n- Pages: 35\n- DOI: https://doi.org/10.5089/9798400255083.001\n- Summary of purpose:\n  - Introduces a conceptual macrofinancial framework to understand and track systemic risks stemming from crypto assets.\n  - Proposes a country-level Crypto-Risk Assessment Matrix (C-RAM) to summarize main vulnerabilities, useful indicators, potential triggers, and potential policy responses related to the crypto sector.\n  - Discusses how experts and officials can incorporate crypto-specific vulnerabilities into systemic risk assessment and provide policy advice and take action to help contain systemic risks when needed."
    },
    {
      "heading": "Key findings and framework components",
      "content": "- Failures in the crypto space—explicitly noting the fall of Terra USD and the FTX debacle—have increased calls for strengthened policy frameworks for crypto assets, including enhanced regulation and supervision.\n- The paper advances a conceptual macrofinancial framework aimed at:\n  - Understanding systemic risks that originate from or are amplified by crypto assets.\n  - Tracking those risks through structured country-level assessment.\n- The proposed Crypto-Risk Assessment Matrix (C-RAM):\n  - Summarizes main vulnerabilities associated with crypto activity.\n  - Identifies useful indicators for monitoring crypto-related risks.\n  - Lists potential triggers that could materialize into broader stress.\n  - Outlines potential policy responses to mitigate or contain systemic repercussions."
    },
    {
      "heading": "Implications for systemic risk assessment and policy action",
      "content": "- Experts and officials are advised to:\n  - Weave specific vulnerabilities stemming from crypto asset activity into their broader assessment of systemic risk.\n  - Use the C-RAM as a tool to organize vulnerabilities, indicators, triggers, and policy responses at the country level.\n  - Provide policy advice and take action, where needed, to help contain systemic risks emerging from the crypto sector.\n- Policy emphasis in response to heightened crypto risks includes enhanced regulation and supervision (as stated in the paper’s motivation)."
    },
    {
      "heading": "Subjects and keywords (as listed)",
      "content": "- Subjects: Blockchain and DLT, Credit risk, Currencies, Economic sectors, Financial regulation and supervision, Financial sector, Money, Technology, Virtual currencies\n- Keywords: analyzing Macrofinancial risk, Blockchain and DLT, country-level Crypto-Risk Assessment Matrix, Credit risk, Crypto assets, Currencies, Financial sector, Global, macro-prudential risk, macrofinancial, micro-prudential risk, price fluctuation, systemic risk, Virtual currencies, vulnerabilities"
    },
    {
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      "content": "- Series: Working Paper No. 2023/214\n- Volume: 2023\n- Issue: 214\n- Stock No: WPIEA2023214\n- ISBN: 9798400255083\n- ISSN: 1018-5941\n\nAssessing Macrofinancial Risks from Crypto Assets — IMF Working Papers (September 29, 2023) by Burcu Hacibedel and Hector Perez-Saiz — DOI: https://doi.org/10.5089/9798400255083.001\n\n---\n\n Content in this bundle\n\n- Working Paper\n  - Working Paper (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Working Paper (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2023/09/30/assessing-macrofinancial-risks-from-crypto-assets-539473"
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    "Authors: Burcu Hacibedel, Hector Perez-Saiz",
    "Published: September 29, 2023",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9798400255083.001",
    "Authors: Burcu Hacibedel, Hector Perez-Saiz",
    "Publication date: September 29, 2023",
    "Paper type: IMF Working Papers, Working Paper No. 2023/214, Issue 214",
    "Pages: 35",
    "DOI: https://doi.org/10.5089/9798400255083.001",
    "Summary of purpose:",
    "Failures in the crypto space—explicitly noting the fall of Terra USD and the FTX debacle—have increased calls for strengthened policy frameworks for crypto assets, including enhanced regulation and supervision.",
    "The paper advances a conceptual macrofinancial framework aimed at:",
    "The proposed Crypto-Risk Assessment Matrix (C-RAM):",
    "Experts and officials are advised to:",
    "Policy emphasis in response to heightened crypto risks includes enhanced regulation and supervision (as stated in the paper’s motivation).",
    "Subjects: Blockchain and DLT, Credit risk, Currencies, Economic sectors, Financial regulation and supervision, Financial sector, Money, Technology, Virtual currencies",
    "Keywords: analyzing Macrofinancial risk, Blockchain and DLT, country-level Crypto-Risk Assessment Matrix, Credit risk, Crypto assets, Currencies, Financial sector, Global, macro-prudential risk, macrofinancial, micro-prudential risk, price fluctuation, systemic risk, Virtual currencies, vulnerabilities",
    "Series: Working Paper No. 2023/214",
    "Volume: 2023",
    "Issue: 214",
    "Stock No: WPIEA2023214",
    "ISBN: 9798400255083",
    "ISSN: 1018-5941",
    "**Working Paper**"
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