See Cecchetti, S. and Schoenholtz, K. (2022), “Let crypto burn”, Financial Times, 17 November. The authors call for not even bringing cryptos under a regulatory framework to avoid the perception of any public support in a stress event, like a run on a crypto provider, such as FTX. 31.
10  The latter approach is consistent with clause 4(b) of the PTA, which cautions the Reserve Bank against inducing “unnecessary instability in output, interest rates and inflation”. 8  BIS Review 9/2008  increased 86 percent, and prices of agricultural raw materials (including timber, cotton, wool, rubber and hides) have increased a more modest 36 percent.