{
  "title": "A Primer on Bitcoin Cross-Border Flows: Measurement and Drivers",
  "publication": "IMF Working Papers, April 5, 2024",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2024/04/05/a-primer-on-bitcoin-cross-border-flows-measurement-and-drivers-547429",
  "canonical": "https://www.imf.org/en/publications/wp/issues/2024/04/05/a-primer-on-bitcoin-cross-border-flows-measurement-and-drivers-547429",
  "overlayPath": "/en/publications/wp/issues/2024/04/05/a-primer-on-bitcoin-cross-border-flows-measurement-and-drivers-547429/index.md",
  "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.",
  "sections": [
    {
      "heading": "Overview and data",
      "content": "- Authors: Eugenio M Cerutti, Jiaqian Chen, Martina Hengge\n- Date: April 5, 2024\n- Raw data: covers both on-chain (on the Bitcoin blockchain) and off-chain (outside the Bitcoin blockchain) transactions globally.\n- Pages: 43\n- Volume: 2024\n- Issue: 085\n- Series: Working Paper No. 2024/085\n- DOI: https://doi.org/10.5089/9798400274879.001\n- Stock No: WPIEA2024085\n- ISBN: 9798400274879\n- ISSN: 1018-5941"
    },
    {
      "heading": "Methodology and measurement",
      "content": "- Provides a detailed description of available methodologies and datasets for quantifying Bitcoin cross-border flows.\n- Discusses the crucial assumptions behind the quantification of cross-border flows.\n- Distinguishes between on-chain and off-chain transaction measurement approaches."
    },
    {
      "heading": "Stylized facts and key findings",
      "content": "- Presents novel stylized facts about Bitcoin cross-border flows.\n- Bitcoin cross-border flows respond differently than capital flows to traditional drivers of capital flows.\n- Differences appear between on-chain and off-chain Bitcoin cross-border flows.\n- Off-chain cross-border flows seem correlated with incentives to avoid capital flow restrictions."
    },
    {
      "heading": "Themes and subject areas",
      "content": "- Balance of payments\n- Blockchain and DLT\n- Capital flows\n- Currencies\n- Financial activity tax\n- Money\n- Taxes\n- Technology"
    },
    {
      "heading": "Keywords",
      "content": "- Bitcoin\n- bitcoin blockchain\n- bitcoin flow\n- Bitcoin transaction\n- Blockchain and DLT\n- capital flow restriction\n- Capital flows\n- cross-border flow\n- Cross-border flows\n- Crypto assets\n- Currencies\n- Financial activity tax\n- Global\n\nIMF Working Paper (2024/085) — Eugenio M Cerutti, Jiaqian Chen, Martina Hengge, April 5, 2024.\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/2024/04/05/a-primer-on-bitcoin-cross-border-flows-measurement-and-drivers-547429"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/wp/issues/2024/04/05/a-primer-on-bitcoin-cross-border-flows-measurement-and-drivers-547429/index.md)",
    "[Structured JSON version](/en/publications/wp/issues/2024/04/05/a-primer-on-bitcoin-cross-border-flows-measurement-and-drivers-547429/index.json)",
    "[Bundle manifest](/en/publications/wp/issues/2024/04/05/a-primer-on-bitcoin-cross-border-flows-measurement-and-drivers-547429/bundle-manifest.json)",
    "Authors: Eugenio M Cerutti, Jiaqian Chen, Martina Hengge",
    "Published: April 5, 2024",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9798400274879.001",
    "Authors: Eugenio M Cerutti, Jiaqian Chen, Martina Hengge",
    "Date: April 5, 2024",
    "Raw data: covers both on-chain (on the Bitcoin blockchain) and off-chain (outside the Bitcoin blockchain) transactions globally.",
    "Pages: 43",
    "Volume: 2024",
    "Issue: 085",
    "Series: Working Paper No. 2024/085",
    "DOI: https://doi.org/10.5089/9798400274879.001",
    "Stock No: WPIEA2024085",
    "ISBN: 9798400274879",
    "ISSN: 1018-5941",
    "Provides a detailed description of available methodologies and datasets for quantifying Bitcoin cross-border flows.",
    "Discusses the crucial assumptions behind the quantification of cross-border flows.",
    "Distinguishes between on-chain and off-chain transaction measurement approaches.",
    "Presents novel stylized facts about Bitcoin cross-border flows.",
    "Bitcoin cross-border flows respond differently than capital flows to traditional drivers of capital flows.",
    "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.",
    "Balance of payments",
    "Blockchain and DLT",
    "Capital flows",
    "Currencies",
    "Financial activity tax",
    "Money",
    "Taxes",
    "Technology",
    "Bitcoin",
    "bitcoin blockchain",
    "bitcoin flow",
    "Bitcoin transaction",
    "Blockchain and DLT",
    "capital flow restriction",
    "Capital flows",
    "cross-border flow",
    "Cross-border flows",
    "Crypto assets",
    "Currencies",
    "Financial activity tax",
    "Global",
    "**Working Paper**"
  ],
  "related": [
    {
      "title": "Working Paper",
      "role": "paper",
      "sourceUrl": "https://www.imf.org/-/media/files/publications/wp/2024/english/wpiea2024085-print-pdf.pdf",
      "summary": {
        "path": "/-/media/files/publications/wp/2024/english/wpiea2024085-print-pdf.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/files/publications/wp/2024/english/wpiea2024085-print-pdf.pdf",
        "mime": "application/pdf"
      }
    }
  ],
  "alternates": {
    "markdown": "/en/publications/wp/issues/2024/04/05/a-primer-on-bitcoin-cross-border-flows-measurement-and-drivers-547429/index.md",
    "json": "/en/publications/wp/issues/2024/04/05/a-primer-on-bitcoin-cross-border-flows-measurement-and-drivers-547429/index.json",
    "bundleManifest": "/en/publications/wp/issues/2024/04/05/a-primer-on-bitcoin-cross-border-flows-measurement-and-drivers-547429/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-16T23:54:57.938Z"
}