BIS-加密生态系统：关键因素和风险-30页_1mb

The crypto ecosystem, despite its massive market capitalization, suffers from structural flaws due to its reliance on unregulated, permissionless blockchains. Key issues include fragmentation, congestion, high fees, and false claims of decentralization, leading to operational risks, financial instability, and vulnerabilities in DeFi. Stablecoins, while intended as a medium of exchange, pose risks to monetary sovereignty and rely on fiat currencies for stability. DeFi amplifies traditional risks through automation, leverage, and interconnectedness, without contributing to real economic activity.

Policy options include regulation, bans, and containment strategies, coordinated at national and international levels. Addressing data gaps through initiatives like Project Atlas is crucial for effective monitoring. Overall, crypto’s structural flaws—related to incentives, scalability, and accountability—make it unsuitable for a constructive role in the monetary system.