## Crypto, Corruption, and Capital Controls: Cross-Country Correlations

_IMF Working Papers, March 25, 2022_

## Source details

**Canonical URL:** [Crypto, Corruption, and Capital Controls: Cross-Country Correlations](https://www.imf.org/en/publications/wp/issues/2022/03/25/crypto-corruption-and-capital-controls-cross-country-correlations-515676)

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## Bibliographic details
- 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

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### Authors and Publication
- 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

### Research Objective and Data Constraints
- 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:
  - corruption,
  - capital controls,
  - a history of high inflation,
  - and other factors.

### Key Findings
- 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.

### Policy Implications and Recommendations
- 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.

### Subjects and Keywords
- 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

*IMF Working Paper: "Crypto, Corruption, and Capital Controls: Cross-Country Correlations" (Working Paper No. 2022/060), March 25, 2022.*

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## Content in this bundle

- **Working Paper**
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_Source: https://www.imf.org/en/publications/wp/issues/2022/03/25/crypto-corruption-and-capital-controls-cross-country-correlations-515676_