IMF's New Study: Bitcoin's Role in Cross-Border Transactions
The International Monetary Fund (IMF) has published a comprehensive study on Bitcoin's role in cross-border transactions. The 43-page paper, titled 'A Primer on Bitcoin Cross-Border Flows: Measurement and Drivers', marks a shift in the IMF's perspective, viewing Bitcoin as a relevant factor in global finance.
The researchers developed a method to identify and compare cross-border Bitcoin payments with other capital flows. They combined three methods: on-chain data, Chainalysis data, and LocalBitcoins data. The study found that Bitcoin flows are largest in countries with low traditional capital flows, suggesting it serves as a complement rather than a replacement.
Bitcoin flows were found to be highest in countries like Argentina, Venezuela, Ukraine, and Nigeria. The study also highlighted differences in Bitcoin usage patterns between on-chain payments and those on peer-to-peer platforms like LocalBitcoins.
The IMF's approach to Bitcoin in this paper is neutral and open-minded, reflecting a changed view within the organization. The paper aims to investigate the role of Bitcoin in cross-border transactions, providing valuable insights into its impact on the global financial landscape.
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