Estabilidad financiera y volatilidad de los mercados criptoactivos

The global financial crisis made it clear that financial stability should be considered an objective of economic policy. In this context, traditional economic policies of demand management encounter serious limitations to correct the problems of financial instability, requiring the use of regulatory and macroprudential policies. Thus, we have since witnessed the emergence of a new objective (financial stability) and a new instrument (macroprudential policy) in economic policy. The development of cryptoassets and their ecosystem constitute a challenge for financial stability, as their excessive volatility introduces significant risks of destabilizing financial systems. To avoid this, it is not a matter of banning them or limiting their use, but of regulating and supervising them appropriately.