Crypto assets initially appeared as “virtual currencies”, but it became clear that they had limitations in terms of their function as a currency, particularly in terms of their practical use. Although the speculative aspect is often emphasized, in reality, there are cases where they are adopted as legal tender in emerging countries, suggesting that they are not necessarily limited to being a speculative product. The IMF is calling for stricter regulations due to the rapid growth of the crypto asset market and concerns about systemic risk. In addition, the bankruptcy of FTX has confirmed that the price of cryptocurrencies fluctuates according to the expectations of market participants, and the introduction of financial products undermines price stability. Stablecoins have been developed as a means of supplementing the limitations of cryptocurrencies, and their use is expanding, but financial authorities are calling for stricter regulations. The chain reaction of the crypto asset market crash was caused by excessive expectations, and was the result of rapid growth and delayed regulation. Crypto assets, which were created with the aim of being a decentralized system, are now strengthening their centralized elements, and as the risks are becoming more apparent, it has been concluded that strengthening monitoring systems and regulations is essential.
城穂 参川 (Mon,) studied this question.