Issue Universal cryptocurrencies limiting monetary policy

Summary

The report explains that cryptocurrencies in their current form cross borders and regulations and, unlike fiat money, are not controlled or influenced by central banks. It suggests that if they became universal, the government's ability to steer inflation and employment through interest rates and open market operations could be curtailed. This is a long-term uncertainty about the weakening of core monetary policy tools. According to the report, there are at least 500 million cryptoasset users worldwide, and the market reached about 3.1 trillion dollars in May 2025. Meanwhile, 100 jurisdictions are exploring central bank digital currencies, which are issued by central banks and pegged to fiat currency.