The International Monetary Fund (IMF) has officially included Bitcoin and other cryptocurrencies in its global economic standards for the first time. This update to the Balance of Payments Manual (BPM7) marks a significant step in acknowledging cryptocurrencies on the international stage.
Recent Changes in Cryptocurrency Regulation
In the updated BPM7 manual, the IMF officially recognized Bitcoin and other cryptocurrencies. Therefore, they will now be more clearly tracked in global economic reports. The update also includes significant changes in how cryptocurrency transactions are tracked between countries.
Debate on Bitcoin as “Digital Gold”
A user named “Ashcrypto” on the X platform claimed that the IMF recognized Bitcoin as “digital gold.” This assertion quickly spread within the cryptocurrency community, grabbing attention from notable figures like Dennis Porter. Porter emphasized that the IMF described Bitcoin as 'a new cryptocurrency designed as a means of payment or store of value,' but did not officially term it digital gold.
Key Aspects of IMF's Cryptocurrency Classification
The updated Balance of Payments Manual classifies cryptocurrencies such as Bitcoin as 'non-productive capital assets,' whereas stablecoins are included in the category of financial instruments. The new rules ensure clearer reporting of cross-border cryptocurrency transactions, staking, and mining, which will be accounted for as export or import under computer services.
The IMF's update aims to ensure more precise tracking of cryptocurrencies in global financial reporting and increase transparency in the cryptocurrency market. Experts believe that the IMF’s classifications will strengthen the position of the cryptocurrency market in the financial world.
