The high-profile failures of a number of crypto firms have re-ignited the debate on the appropriate policy response to address the risks in crypto. The “shadow financial” functions enabled by crypto markets share many of the vulnerabilities of traditional finance and risks are often exacerbated by specific features of crypto. Authorities may consider different, and not mutually exclusive, lines of action to tackle the risks in crypto. These include (i) bans, which could tackle specific aspects of the crypto ecosystem, (ii) containment so that the real economy is insulated from crypto risks, and (iii) the regulation of the crypto sector. The paper highlights the pros and cons of the different approaches and proposes a framework to choose when bans, containment and regulation are most appropriate. It also describes the approach taken in Japan, which has been a pioneer in tacking such risks. With each approach, central banks and public authorities can also work to make traditional financial more attractive, thereby allowing responsible innovation to thrive.

中文翻译：

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应对加密货币风险：在禁令、遏制和监管之间进行选择

许多加密货币公司备受瞩目的失败重新引发了关于采取适当政策应对措施来应对加密货币风险的争论。加密市场启用的“影子金融”功能具有传统金融的许多弱点，并且加密货币的特定功能往往会加剧风险。当局可能会考虑采取不同的、而不是相互排斥的行动方针来应对加密货币的风险。其中包括（i）禁令，可以解决加密生态系统的特定方面，（ii）遏制以使实体经济免受加密风险的影响，以及（iii）加密行业的监管。该文件强调了不同方法的优缺点，并提出了一个框架来选择何时最合适的禁令、遏制和监管。它还描述了日本采取的方法，日本是应对此类风险的先驱。通过每种方法，中央银行和公共当局还可以努力使传统金融更具吸引力，从而使负责任的创新蓬勃发展。