00000cam 2200000zi 4500 9.962985 CaOODSP 20260522125806 m o d f cr cn||||||||| 260522t20262026onca ob f000 0 eng d CaOODSP eng rda CaOODSP FB3-5/2026-15E-PDF Friedrich, Christian, 1983- author. Patterns and determinants of global cryptocurrency flows / Christian Friedrich, Laura Zhao. [Ottawa] : Bank of Canada = Banque du Canada, 2026. ©2026 1 online resource (71 pages) : colour illustrations. text txt rdacontent computer c rdamedia online resource cr rdacarrier Staff working paper = Document de travail du personnel, 1701-9397 ; 2026-15 Incorrect ISSN (1701-9397) printed in this publication. "Last updated: May 7, 2026." Includes bibliographical references (pages 36-40). "In this paper, we examine the patterns and determinants of cross-border cryptocurrency flows. While our analysis focuses primarily on Bitcoin flows, the cryptocurrency with the largest market capitalization, we show that our key results also extend to four major stablecoins. After documenting global patterns of cross-border Bitcoin flows and contrasting them with those of traditional capital flows, we employ a cross-country panel approach to identify the key drivers of cross-border crypto flows for up to 162 countries. Our results provide evidence for the presence of multiple coexisting motives. The most significant motives comprise strategies to adjust to unfavorable macro and financial developments, as well as the need to conduct international payment and remittance transfers. Moreover, by conducting a case study of cross-border Bitcoin flows after the COVID-19 shock, we find that these motives were particularly relevant at a time when economic conditions were weak and the need for remittances appeared high. Gaining a better understanding of the motives behind cross-border cryptocurrency transactions is crucial for informing the public debate on cryptocurrencies and their potential use cases"--Abstract. Bitcoin. Cryptocurrencies. Capital movements. Bitcoin. Cryptomonnaie. Mouvements de capitaux. Bank of Canada, issuing body. Staff working paper (Bank of Canada) 2026-15. (CaOODSP)9.806221 PDF 3.16 MB https://publications.gc.ca/collections/collection_2026/banque-bank-canada/FB3-5-2026-15-eng.pdf