A Primer on Bitcoin Cross-Border Flows: Measurement and Drivers

Volume/Issue: Volume 2024 Issue 085

Publication date: April 2024

ISBN: 9798400274879

$20.00

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Topics covered in this book

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Exports and Imports , Economics- Macroeconomics , Money and Monetary Policy , Taxation - General , Economics / General , 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

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Summary

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.