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Patterns and determinants of global cryptocurrency flows / Christian Friedrich, Laura Zhao. : FB3-5/2026-15E-PDF

"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.

Lien permanent pour cette publication :
publications.gc.ca/pub?id=9.962985&sl=1

Renseignements sur la publication
Ministère/Organisme
  • Bank of Canada, issuing body.
TitrePatterns and determinants of global cryptocurrency flows / Christian Friedrich, Laura Zhao.
Titre de la série
  • Staff working paper = Document de travail du personnel, 1701-9397 ; 2026-15
Type de publicationMonographie - Voir l'enregistrement principal
Langue[Anglais]
FormatTexte numérique
Document électronique
Note(s)
  • Incorrect ISSN (1701-9397) printed in this publication.
  • "Last updated: May 7, 2026."
  • Includes bibliographical references (pages 36-40).
Information sur la publication
  • [Ottawa] : Bank of Canada = Banque du Canada, 2026.
  • ©2026
Auteur / Contributeur
  • Friedrich, Christian, 1983- author.
Description1 online resource (71 pages) : colour illustrations.
Numéro de catalogue
  • FB3-5/2026-15E-PDF
Descripteurs
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