{
  "title": "Crypto, Corruption, and Capital Controls: Cross-Country Correlations",
  "publication": "IMF Working Papers, March 25, 2022",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2022/03/25/crypto-corruption-and-capital-controls-cross-country-correlations-515676",
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  "summary": "Empirical investigation of the factors underlying the growing usage of crypto-assets is in its infancy, owing to data limitations. In this paper, we present a simple cross-country analysis drawing on recently released survey-based data.",
  "sections": [
    {
      "heading": "Authors and Publication",
      "content": "- By Marwa Alnasaa, Nikolay Gueorguiev, Jiro Honda, Eslem Imamoglu, Paolo Mauro, Keyra Primus, Dmitriy L Rozhkov\n- March 25, 2022\n- IMF Working Papers, Working Paper No. 2022/060\n- Pages: 19\n- Issue: 060\n- Volume: 2022\n- DOI: https://doi.org/10.5089/9798400204005.001\n- ISBN: 9798400204005\n- ISSN: 1018-5941\n- Stock No: WPIEA2022060"
    },
    {
      "heading": "Research Objective and Data Constraints",
      "content": "- Empirical investigation of the factors underlying the growing usage of crypto-assets is in its infancy, owing to data limitations.\n- The paper presents a simple cross-country analysis drawing on recently released survey-based data.\n- Explores correlations of crypto-asset usage with indicators of:\n  - corruption,\n  - capital controls,\n  - a history of high inflation,\n  - and other factors."
    },
    {
      "heading": "Key Findings",
      "content": "- Crypto-asset usage is significantly and positively associated with higher perception of corruption.\n- Crypto-asset usage is significantly and positively associated with more intensive capital controls.\n- The results are reported notwithstanding the data limitations noted by the authors."
    },
    {
      "heading": "Policy Implications and Recommendations",
      "content": "- The findings support the case for regulating crypto-assets rather than adopting a laissez-faire stance.\n- Recommended regulatory approaches include know-your-customer (KYC) measures."
    },
    {
      "heading": "Subjects and Keywords",
      "content": "- Subject: Balance of payments, Capital controls, Corruption, Crime, Technology, Virtual currencies\n- Keywords: capital control, capital controls, Capital controls, capital openness, corruption, Corruption, crypto-asset adoption, crypto-asset usage, cryptocurrency, cypto-assets, data limitation, Global, Pairwise correlation, Virtual currencies\n\nIMF Working Paper: \"Crypto, Corruption, and Capital Controls: Cross-Country Correlations\" (Working Paper No. 2022/060), March 25, 2022.\n\n---\n\n Content in this bundle\n\n- Working Paper\n  - Working Paper (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Working Paper (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2022/03/25/crypto-corruption-and-capital-controls-cross-country-correlations-515676"
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    "Authors: Marwa Alnasaa, Nikolay Gueorguiev, Jiro Honda, Eslem Imamoglu, Paolo Mauro, Keyra Primus, Dmitriy L Rozhkov",
    "Published: March 25, 2022",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9798400204005.001",
    "By Marwa Alnasaa, Nikolay Gueorguiev, Jiro Honda, Eslem Imamoglu, Paolo Mauro, Keyra Primus, Dmitriy L Rozhkov",
    "March 25, 2022",
    "IMF Working Papers, Working Paper No. 2022/060",
    "Pages: 19",
    "Issue: 060",
    "Volume: 2022",
    "DOI: https://doi.org/10.5089/9798400204005.001",
    "ISBN: 9798400204005",
    "ISSN: 1018-5941",
    "Stock No: WPIEA2022060",
    "Empirical investigation of the factors underlying the growing usage of crypto-assets is in its infancy, owing to data limitations.",
    "The paper presents a simple cross-country analysis drawing on recently released survey-based data.",
    "Explores correlations of crypto-asset usage with indicators of:",
    "Crypto-asset usage is significantly and positively associated with higher perception of corruption.",
    "Crypto-asset usage is significantly and positively associated with more intensive capital controls.",
    "The results are reported notwithstanding the data limitations noted by the authors.",
    "The findings support the case for regulating crypto-assets rather than adopting a laissez-faire stance.",
    "Recommended regulatory approaches include know-your-customer (KYC) measures.",
    "Subject: Balance of payments, Capital controls, Corruption, Crime, Technology, Virtual currencies",
    "Keywords: capital control, capital controls, Capital controls, capital openness, corruption, Corruption, crypto-asset adoption, crypto-asset usage, cryptocurrency, cypto-assets, data limitation, Global, Pairwise correlation, Virtual currencies",
    "**Working Paper**"
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