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Title page
Contents
Introduction 5
Central Bank Reserve Management and Crypto-Assets as an Investable Asset Class 9
Suitability of Investing in Crypto-Assets Given the Objectives and Principles of Reserve Management 9
Crypto-Assets versus Gold 15
The Fundamental Changes Required for Crypto-Assets to Become Suitable for Central Bank Reserve Portfolios 18
Improved Liquidity and Larger Market Cap 19
Reduced Price Volatility 19
Improved Availability of Investable Instruments 19
Adoption in Trade and Financial Flows 20
Robust Custody and Safekeeping Solutions 21
Clear Regulatory, Supervisory, and Oversight Treatment 21
Conclusion 23
Appendix: The Background of Crypto-Assets 25
Types of Crypto-Assets and Their Main Characteristics 25
Options for Investors to Obtain Exposure to Crypto-Assets 29
References 31
Figure 1. Market Capitalization of the Top Five Crypto-Assets 6
Figure 2. Share of Respondents Indicating They Either Owned or Used Crypto-Assets 7
Figure 3. Adoption of Crypto-Assets by Type of Investor 7
Figure 4. Reserve Management Objectives 10
Figure 5. Daily Trading Volume of Major Crypto-Assets and Currencies in Special Drawing Rights Basket 10
Figure 6. Market Capitalization of Major Crypto-Assets and Traditional Reserve Asset Classes 11
Figure 7. Reserve Management Principles (2021) 12
Figure 8. Volatility of Bitcoin, Fixed Income, and Equities 12
Figure 9. Equity Returns and Volatility 13
Figure 10. Bitcoin's Correlation with Equities 14
Figure 11. Factors Shaping Currency Composition 15
Figure 12. Share of Gold in Foreign Exchange Reserves (% of total) 16
Figure 13. Mapping Reserve Management Dimensions to Crypto-Assets 18
Figure 14. Summary: Mapping Reserve Management Dimensions to Required Changes for Crypto-Assets 24
Boxes
BOX 1. FUNDAMENTAL DIFFERENCES BETWEEN CRYPTO-ASSETS AND CENTRAL BANK DIGITAL CURRENCIES 8
Table A.1./Figure 14. Summary: Mapping Reserve Management Dimensions to Required Changes for Crypto-Assets 25
Table A.2. Main Characteristics of Crypto-Assets 28
Table A.3. Institutions' Publicly Disclosed Bitcoin Holdings 29
Figure A.1/Figure 12. Share of Gold in Foreign Exchange Reserves (% of total) 27
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