Cover IMF Working Papers
Buy Book in Print
A Primer on Bitcoin Cross-Border Flows: Measurement and Drivers
Author:
Eugenio M Cerutti
Search for other papers by Eugenio M Cerutti in
Current site
Google Scholar Close
,
Jiaqian Chen https://isni.org/isni/0000000404811396 International Monetary Fund

Search for other papers by Jiaqian Chen in
Current site
Google Scholar Close
, and
Martina Hengge https://isni.org/isni/0000000404811396 International Monetary Fund

Search for other papers by Martina Hengge in
Current site
Google Scholar Close
Series:
IMF Working Papers
Volume/Issue:
Volume 2024: Issue 085
Language:
English
Publication Date:
05 Apr 2024
DOI:
https://doi.org/10.5089/9798400274879.001
ISBN:
9798400274879
ISSN:
1018-5941
Pages:
43
Keywords:
Crypto assets; Bitcoin; Cross-border flows; Capital flows; bitcoin blockchain; capital flow restriction; bitcoin flow; cross-border flow; Bitcoin transaction; Blockchain and DLT; Currencies; Financial activity tax; Global
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
Download PDF (12.2 MB) Download Epub
The rapid growth of crypto assets raises important questions about their cross-border usage. To gain a better understanding of cross-border Bitcoin flows, we use raw data covering both on-chain (on the Bitcoin blockchain) and off-chain (outside the Bitcoin blockchain) transactions globally. We provide a detailed description of available methodologies and datasets, and discuss the crucial assumptions behind the quantification of cross-border flows. We then present novel stylized facts about Bitcoin cross-border flows and study their global and domestic drivers. Bitcoin cross-border flows respond differently than capital flows to traditional drivers of capital flows, and differences appear between on-chain and off-chain Bitcoin cross-border flows. Off-chain cross-border flows seem correlated with incentives to avoid capital flow restrictions.
  • Collapse
  • Expand
Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund