[20]  In contrast, crypto-assets are issued and recorded on a shared and distributed digital ledger – a “blockchain”. The most popular blockchains for crypto-assets are public and permissionless. “Public” means that all transactions are visible to all, but in a pseudonymous way: participants within the network interact via identification code, but the actual identity of the participant is usually unknown.
3  Reflecting on their experiences during the Asian Monetary and Banking Crisis of the 1990s, many emerging market economies today have adopted flexible exchange rates, strengthened risk management at banks, and built up firewalls such as foreign exchange reserves. Accordingly, emerging economies are generally more resilient in the face of stress.