国际定居银行（BIS）最近发表了一篇有趣的论文，反映了全球跨境运动

国际定居银行（BIS）最近发表了一篇有趣的论文，反映了全球跨境运动。它已经集中了

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.

国际定居银行（BIS）最近发布了一份有趣的报告，重点介绍了主要加密资产的全球跨境运动，包括比特币和以太，以及诸如Tether和USD Coin等著名的Stablecoins。该报告指的是184个国家的广泛数据集以及2017年至2024年之间的时间段，强调了在世界经济中分散资产的重要性不断上升，并探讨了哪些因素正在推动这些流动跨境。

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.

根据该报告，巨大的跨境加密交易在2021年达到2.6万亿美元，这一发展强调了加密货币市场的快速扩张。固定蛋白（例如Tether和USD硬币）约占此卷的一半，显示出它们用于跨境汇款和交易的大幅增加。该论文基于重力的分析揭示了这些流量基础的一些地理和经济因素，这些因素绕过了传统的银行平台。

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.

在比特币和醚流的情况下，发现它们主要是由投机动机驱动的，而稳定剂的使用更常见，出于交易原因，尤其是在以高汇款费用为特征的地区。在与通货膨胀或货币贬值的地区，稳定币也被用作替代传统形式的金融形式。

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.

这一发现与稳定币在分散的金融活动（DEFI）中的新兴作用相关，这使个人可以规避传统的金融体系。 DEFI协议，例如AAVE和BALANCER，以分散的方式促进贷款，借贷和流动性提供，绕过银行和其他金融机构。这降低了成本并提高交易效率。

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.

该报告还研究了资本流量管理措施的影响，这些措施旨在规范跨境金融交易对加密流的影响。该研究表明，这两种措施对加密流的影响很小。实际上，在某些情况下，CFM甚至可能会促进更高的流量，因为参与者可能会尝试使用加密资产来规避限制。加密货币的控制动力使人们可以轻松地超越常规金融工具。这加强了这样一种观念，即监管权力无法赶上数字资产的令人印象深刻的增长。

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.

根据BIS的说法，尽管CFM可以试图调节流出或资本流入，但它们在处理加密货币方面却非常无效。这证实了分散的金融生态系统的弹性。这也意味着未来的法规必须变得更加灵活，以解释这一新的经济现实。

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.

国际定居银行（BIS）最近发布了一份有趣的报告，重点介绍了主要加密资产的全球跨境运动，包括比特币和以太，以及诸如Tether和USD Coin等著名的Stablecoins。该报告指的是184个国家的广泛数据集以及2017年至2024年之间的时间段，强调了在世界经济中分散资产的重要性不断上升，并探讨了哪些因素正在推动这些流动跨境。

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.

根据该报告，巨大的跨境加密交易在2021年达到2.6万亿美元，这一发展强调了加密货币市场的快速扩张。固定蛋白（例如Tether和USD硬币）约占此卷的一半，显示出它们用于跨境汇款和交易的大幅增加。该论文基于重力的分析揭示了这些流量基础的一些地理和经济因素，这些因素绕过了传统的银行平台。

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.

在比特币和醚流的情况下，发现它们主要是由投机动机驱动的，而稳定剂的使用更常见，出于交易原因，尤其是在以高汇款费用为特征的地区。在与通货膨胀或货币贬值的地区，稳定币也被用作替代传统形式的金融形式。

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.

这一发现与稳定币在分散的金融活动（DEFI）中的新兴作用相关，这使个人可以规避传统的金融体系。 DEFI协议，例如AAVE和BALANCER，以分散的方式促进贷款，借贷和流动性提供，绕过银行和其他金融机构。这降低了成本并提高交易效率。

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.

该报告还研究了资本流量管理措施的影响，这些措施旨在规范跨境金融交易对加密流的影响。该研究表明，这两种措施对加密流的影响很小。实际上，在某些情况下，CFM甚至可能会促进更高的流量，因为参与者可能会尝试使用加密资产来规避限制。加密货币的控制动力使人们可以轻松地超越常规金融工具。这加强了这样一种观念，即监管权力无法赶上数字资产的令人印象深刻的增长。

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.

根据BIS的说法，尽管CFM可以试图调节流出或资本流入，但它们在处理加密货币方面却非常无效。这证实了分散的金融生态系统的弹性。这也意味着未来的法规必须变得更加灵活，以解释这一新的经济现实。