This dataset provides a cross-country indicator of parallel exchange rates based on crypto markets. Parallel exchange rates are measured as the price of bitcoin on the local market relative to the U.S. market. Parallel exchange rates are particularly relevant in countries with restrictions to external transactions. In these countries, agents are often willing to pay a premium to access foreign currency, reflected in a higher price of bitcoin in the local market compared to the U.S. market.

Suggested citation: Graf von Luckner, C., Koepke, R., & Sgherri, S. (2024). “Crypto as a Marketplace for Capital Flight.” IMF Working Paper No. 2024/133. International Monetary Fund.

For details, see Crypto as a Market Place for Capital Flight (IMF Working Paper)

CryptoShadowRateLC/ USD  = BTCLCU / BTCUSD

Where BTCUSD and BTCLCU are the prices of Bitcoin, in international markets, quoted in US Dollar (USD); and in the local market, quoted in local currency units (LCU), respectively

Keywords: BITCOIN, Crypto-assets.