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BIS economists take aim at crypto industry data

Central banks should consider blockchain stats ‘noisy approximations’ of actual economic activity

Blockchain-GettyImages-2185295740

Bank for International Settlements researchers have called into question the crypto industry’s claims about digital assets’ capitalisation and transaction volumes.

In a paper published on September 15, the BIS’s Timothy Aerts, Jan Paulick and Violeta Vuletic, along with the Netherlands Bank’s Ronald Heijmans, write that “from a central bank perspective” blockchain data should be treated as “noisy approximations” rather than direct measures of economic activity.

The authors look at three types of

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