國際定居銀行（BIS）最近發表了一篇有趣的論文，反映了全球跨境運動

國際定居銀行（BIS）最近發表了一篇有趣的論文，反映了全球跨境運動。它已經集中了

The Bank for International Settlements (BIS) has recently published an interesting report focusing on the global cross-border movements of main crypto assets, including Bitcoin and Ether, and prominent stablecoins such as Tether and USD Coin. Referring to a vast dataset of 184 countries and a time period between 2017 and 2024, the report highlights the rising importance of decentralized assets in the world economy and explores what factors are driving these flows across borders.

國際定居銀行（BIS）最近發布了一份有趣的報告，重點介紹了主要加密資產的全球跨境運動，包括比特幣和以太，以及諸如Tether和USD Coin等著名的Stablecoins。該報告指的是184個國家的廣泛數據集以及2017年至2024年之間的時間段，強調了在世界經濟中分散資產的重要性不斷上升，並探討了哪些因素正在推動這些流動跨境。

According to the report, the enormous cross-border crypto transactions reached $2.6 trillion in 2021, a development that underscores the rapid expansion of the crypto market. Stablecoins, such as Tether and USD Coin, accounted for roughly half of this volume, showing a strong increase in their use for cross-border remittances and transactions. The paper’s gravity-based analysis reveals some geographical and economic factors that underlie these flows, which bypass conventional banking platforms.

根據該報告，巨大的跨境加密交易在2021年達到2.6萬億美元，這一發展強調了加密貨幣市場的快速擴張。固定蛋白（例如Tether和USD硬幣）約佔此卷的一半，顯示出它們用於跨境匯款和交易的大幅增加。該論文基於重力的分析揭示了這些流量基礎的一些地理和經濟因素，這些因素繞過了傳統的銀行平台。

In the case of Bitcoin and Ether flows, they were found to be driven mostly by speculative motives, while stablecoins were used more commonly for transactional reasons, especially in regions characterized by high remittance fees. Stablecoins were also observed to be employed as a substitute for traditional forms of finance in areas grappling with inflation or currency devaluation.

在比特幣和醚流的情況下，發現它們主要是由投機動機驅動的，而穩定劑的使用更常見，出於交易原因，尤其是在以高匯款費用為特徵的地區。在與通貨膨脹或貨幣貶值的地區，穩定幣也被用作替代傳統形式的金融形式。

This finding ties into the emerging role of stablecoins in decentralized financial activities (DeFi), which allow individuals to circumvent traditional financial systems. DeFi protocols, such as Aave and Balancer, facilitate lending, borrowing, and liquidity provision in a decentralized manner, bypassing banks and other financial institutions. This reduces costs and enhances transaction efficiency.

這一發現與穩定幣在分散的金融活動（DEFI）中的新興作用相關，這使個人可以規避傳統的金融體系。 DEFI協議，例如AAVE和BALANCER，以分散的方式促進貸款，借貸和流動性提供，繞過銀行和其他金融機構。這降低了成本並提高交易效率。

The report also examined the effect of capital flow management measures, which are meant to regulate cross-border financial transactions, on crypto flows. The study implies that both measures have little effect on crypto flows. In fact, in some instances, CFMs may even promote higher flows because participants may try to circumvent restrictions using crypto assets. The control dynamics of cryptocurrencies make it easy for people to overstep conventional financial instruments. This strengthens the notion that the regulatory powers have not been able to catch up with the very impressive growth of digital assets.

該報告還研究了資本流量管理措施的影響，這些措施旨在規範跨境金融交易對加密流的影響。該研究表明，這兩種措施對加密流的影響很小。實際上，在某些情況下，CFM甚至可能會促進更高的流量，因為參與者可能會嘗試使用加密資產來規避限制。加密貨幣的控制動力使人們可以輕鬆地超越常規金融工具。這加強了這樣一種觀念，即監管權力無法趕上數字資產的令人印象深刻的增長。

According to BIS, though CFMs can try to regulate outflows or inflows of capital, they are quite ineffective in dealing with cryptocurrencies. This confirms the resilience of the decentralized finance ecosystem. It also implies that future regulation has to become much more flexible to account for this new economic reality.

根據BIS的說法，儘管CFM可以試圖調節流出或資本流入，但它們在處理加密貨幣方面卻非常無效。這證實了分散的金融生態系統的彈性。這也意味著未來的法規必須變得更加靈活，以解釋這一新的經濟現實。

The Bank for International Settlements (BIS) has recently published an interesting report focusing on the global cross-border movements of main crypto assets, including Bitcoin and Ether, and prominent stablecoins such as Tether and USD Coin. Referring to a vast dataset of 184 countries and a time period between 2017 and 2024, the report highlights the rising importance of decentralized assets in the world economy and explores what factors are driving these flows across borders.

國際定居銀行（BIS）最近發布了一份有趣的報告，重點介紹了主要加密資產的全球跨境運動，包括比特幣和以太，以及諸如Tether和USD Coin等著名的Stablecoins。該報告指的是184個國家的廣泛數據集以及2017年至2024年之間的時間段，強調了在世界經濟中分散資產的重要性不斷上升，並探討了哪些因素正在推動這些流動跨境。

According to the report, the enormous cross-border crypto transactions reached $2.6 trillion in 2021, a development that underscores the rapid expansion of the crypto market. Stablecoins, such as Tether and USD Coin, accounted for roughly half of this volume, showing a strong increase in their use for cross-border remittances and transactions. The paper’s gravity-based analysis reveals some geographical and economic factors that underlie these flows, which bypass conventional banking platforms.

根據該報告，巨大的跨境加密交易在2021年達到2.6萬億美元，這一發展強調了加密貨幣市場的快速擴張。固定蛋白（例如Tether和USD硬幣）約佔此卷的一半，顯示出它們用於跨境匯款和交易的大幅增加。該論文基於重力的分析揭示了這些流量基礎的一些地理和經濟因素，這些因素繞過了傳統的銀行平台。

In the case of Bitcoin and Ether flows, they were found to be driven mostly by speculative motives, while stablecoins were used more commonly for transactional reasons, especially in regions characterized by high remittance fees. Stablecoins were also observed to be employed as a substitute for traditional forms of finance in areas grappling with inflation or currency devaluation.

在比特幣和醚流的情況下，發現它們主要是由投機動機驅動的，而穩定劑的使用更常見，出於交易原因，尤其是在以高匯款費用為特徵的地區。在與通貨膨脹或貨幣貶值的地區，穩定幣也被用作替代傳統形式的金融形式。

This finding ties into the emerging role of stablecoins in decentralized financial activities (DeFi), which allow individuals to circumvent traditional financial systems. DeFi protocols, such as Aave and Balancer, facilitate lending, borrowing, and liquidity provision in a decentralized manner, bypassing banks and other financial institutions. This reduces costs and enhances transaction efficiency.

這一發現與穩定幣在分散的金融活動（DEFI）中的新興作用相關，這使個人可以規避傳統的金融體系。 DEFI協議，例如AAVE和BALANCER，以分散的方式促進貸款，借貸和流動性提供，繞過銀行和其他金融機構。這降低了成本並提高交易效率。

The report also examined the effect of capital flow management measures, which are meant to regulate cross-border financial transactions, on crypto flows. The study implies that both measures have little effect on crypto flows. In fact, in some instances, CFMs may even promote higher flows because participants may try to circumvent restrictions using crypto assets. The control dynamics of cryptocurrencies make it easy for people to overstep conventional financial instruments. This strengthens the notion that the regulatory powers have not been able to catch up with the very impressive growth of digital assets.

該報告還研究了資本流量管理措施的影響，這些措施旨在規範跨境金融交易對加密流的影響。該研究表明，這兩種措施對加密流的影響很小。實際上，在某些情況下，CFM甚至可能會促進更高的流量，因為參與者可能會嘗試使用加密資產來規避限制。加密貨幣的控制動力使人們可以輕鬆地超越常規金融工具。這加強了這樣一種觀念，即監管權力無法趕上數字資產的令人印象深刻的增長。

According to BIS, though CFMs can try to regulate outflows or inflows of capital, they are quite ineffective in dealing with cryptocurrencies. This confirms the resilience of the decentralized finance ecosystem. It also implies that future regulation has to become much more flexible to account for this new economic reality.

根據BIS的說法，儘管CFM可以試圖調節流出或資本流入，但它們在處理加密貨幣方面卻非常無效。這證實了分散的金融生態系統的彈性。這也意味著未來的法規必須變得更加靈活，以解釋這一新的經濟現實。