Autori
Gola, Carlo
Caponera, Andrea

Titolo
Policy issues on crypto-assets
Periodico
Università Cattaneo working papers (Online)
Anno: 2019 - Fascicolo: 7 - Pagina iniziale: 1 - Pagina finale: 52

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.



SICI: 2532-554X(2019)7<1:PIOC>2.0.ZU;2-D

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