Cryptoassets and Central Bank Digital Currencies: Implications for Economic Stability and Monetary Policy

Abstract

This study analyzes the implications of cryptoassets and central bank digital currencies (CBDCs) on economic stability and monetary policy in a context of digital transformation of the financial system. Through a quantitative approach, econometric models, including multiple regression and VAR models, were used using data from 30 economies during the period 2018–2025. The results show that the adoption of cryptoassets is significantly associated with higher levels of inflation and economic volatility, suggesting destabilizing effects derived from their speculative nature and limited regulation. In contrast, the development of CBDCs shows stabilizing effects, contributing to better monetary policy transmission and reduced macroeconomic volatility. Likewise, it is identified that the coexistence of both instruments generates mixed effects, configuring an environment of monetary competition. The study concludes that while crypto assets pose risks to financial stability, CBDCs offer strategic opportunities to strengthen monetary policy, provided their design and implementation are appropriate. Relevant implications for regulation and public policymaking in digitalized economies are highlighted.