According to a Bank for International Settlements (BIS) report titled "Financial stability risks from cryptoassets in emerging market economies", cryptoassets have failed to live up to expectations and have increased financial risks in developing countries. The cryptoassets is as a collective term for token-based digital assets like cryptocurrencies or digital tokens.

The report examined the potential risks associated with increased integration between crypto and traditional financial markets and proposed guidelines for regulating and supervising these markets. Some of the highlighted risks include credit risks, which can arise due to lack of accountability or sound governance in cryptoasset markets, and excessive leverage present in decentralised finance (DeFi) protocols. The report also highlights the possibility of other operational risks emerging, as cryptoassets are prone to cyber-attacks and system failures.

It recommends that authorities have various policy options for addressing risks related to cryptoassets, from bans to regulation. However, the report notes that overly restrictive approaches may have unintended consequences, such as pushing activities into the shadows and making it more difficult to influence responsible actors.

An earlier survey by the BIS projected that approximately 24 central banks across both emerging and advanced economies would issue digital currencies by the end of the decade.