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Policy issues on crypto-assets

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  • Carlo Gola
  • Andrea Caponera

Abstract

This paper describes the economic characteristics of crypto-assets and the regulation of the exchanges and custodian wallet providers adopted in various jurisdictions. The possible accounting and prudential treatments are then analysed. The paper provides a taxonomy of DLT digital tokens based on mutually exclusive classes. Bitcoin belongs to the class of private digital tokens with no underlining claim or liability against an issuer, exchangeable at a floating rate, which operate through an electronic protocol called permissionless distributed ledger technology (DLT). The literature on the subject shows that this type of crypto-assets do not fall within the category of money and financial instruments. The instability of their price must be considered when evaluating these instruments from an accounting and prudential point of view. The paper describes the basic features of initial coin offerings (ICOs), smart contracts, and other related aspects.

Suggested Citation

  • Carlo Gola & Andrea Caponera, 2019. "Policy issues on crypto-assets," LIUC Papers in Economics 2019-7, Cattaneo University (LIUC).
    • Handle: RePEc:liu:liucec:2019-7
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    References listed on IDEAS

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    Cited by:

    1. Carlo Gola & Valentina Cappa & Patrizio Fiorenza & Paolo Granata & Federica Laurino & Lorenzo Lesina & Francesco Lorizzo & Gabriele Marcelli, 2023. "The governance of blockchains and system based on distributed ledger technology," Questioni di Economia e Finanza (Occasional Papers) 773, Bank of Italy, Economic Research and International Relations Area.
    2. Carlo Gola & Johannes Sedlmeir, 2022. "Addressing the Sustainability of Distributed Ledger Technology," Questioni di Economia e Finanza (Occasional Papers) 670, Bank of Italy, Economic Research and International Relations Area.

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