The Bank of International Settlements (BIS) suggests that authorities can take three different approaches when it comes to crypto following a particularly turbulent year: Regulate, contain or call for a complete ban of the sector. 

The global group of central bankers also posed an alternative to “encourage sound innovation” with Central Bank Digital Currencies, according to the report about addressing risks in crypto published on Thursday.

The BIS outlined the advantages and drawbacks of each of the three approaches and noted they could be mixed and matched to apply to different risks they perceive. The ongoing saga surrounding the collapse of FTX and the crash of the stablecoin TerraUSD were the main events cited.