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Occasional paper on crypto-assets
Banco de Portugal working group on crypto-assets
E42 - Monetary Systems; Standards; Regimes; Government and the Monetary System
G21 - Banks; Other Depository Institutions; Mortgages
G23 - Pension Funds; Other Private Financial Institutions
O33 - Technological Change: Choices and Consequences; Diffusion Processes
Crypto-assets are digital assets that may depend on cryptography and exist on a distributed ledger or similar technology. In the absence of a common and widely accepted taxonomy, we first try to characterise crypto-assets and differentiate them from goods fulfilling the three essential functions of money: medium of exchange, unit of account and store of value. We then analyse the (lack of) legislation applied to crypto-assets, before concluding with the identification of the associated main risks.