国际清算银行：加密货币和去中心化金融：功能和金融稳定性影响（英文版）

Cryptocurrencies and decentralised finance (DeFi) aim to replicate many of the economic functions of traditional finance (TradFi), but their distinctive features introduce new financial stability risks. We analyse these features, and examine key developments, such as smart contracts, decentralised exchanges (DEXs), stablecoins and new forms of central bank money. Our findings suggest that while the underlying economic drivers are not different than in TradFi, DeFi poses significant challenges