The International Monetary Fund (IMF) has recently made significant updates to its balance of payments standards in response to the growing influence of digital assets in the global economy. In the newly released Balance of Payments Manual, Seventh Edition (BPM7), cryptocurrencies like Bitcoin (BTC) are now classified as non-produced nonfinancial assets, while certain tokens are treated similarly to equity holdings.
This groundbreaking update, published on March 20, represents the first time the IMF has incorporated detailed guidance for digital assets into its worldwide statistical standards. The manual categorizes digital assets into fungible and nonfungible tokens, with further distinctions based on whether they have a corresponding liability.
Assets like Bitcoin, which do not have a corresponding liability, are considered capital assets, while stablecoins, which are backed by liabilities, are classified as financial instruments. Transactions involving assets like Bitcoin will now be recorded in capital accounts as acquisitions or disposals of non-produced assets.
Tokens with a protocol or platform, such as Ethereum or Solana (SOL), may be classified as equity-like holdings under the financial account if their owner resides in a different country from the originator. This classification aligns with traditional foreign equity investments, as these assets are considered comparable to standard equity in terms of ownership rights.
The IMF also addresses the complexity of staking and yield-bearing crypto activities, stating that staking rewards earned from holding these tokens may resemble equity dividends and should be recorded under current account income. Transactions involving the validation of crypto asset transfers, such as mining or staking, are to be treated as the production of services, adding them to computer services exports and imports.
The BPM7 manual, developed through global consultation involving over 160 countries, is expected to guide official statistics for years to come. While implementation may vary by jurisdiction, the IMF’s revisions signify a significant step toward acknowledging the macroeconomic significance of digital assets in a standardized and globally comparable format.
Overall, these updates reflect the IMF’s commitment to keeping pace with the evolving digital landscape and ensuring that economic data accurately captures the impact of digital assets on the global economy.