The International Monetary Fund (IMF) overhauled its payment balance standard to reflect the growing impact of digital assets.
According to the newly released Balance of Payments Manual, 7th edition (BPM7), cryptocurrencies like Bitcoin (BTC) are currently classified as non-financial assets that are not produced, but certain tokens are similar to stockholdings.
The updated manual, published on March 20, is the first time the IMF has integrated detailed guidance on digital assets into global statistical standards.
Debt-free crypto
The framework further distinguishes digital assets based on whether they are responsible for responding and is divided into fragable and inflexible tokens.
Bitcoin and similar tokens without liabilities are classified as capital assets, while stubcoins backed by liabilities are treated as financial instruments.
According to the IMF:
“Commerces that are not liable for counterparts, designed to act as exchange media (such as Bitcoin), are treated as non-production assets and are recorded separately in capital accounts.”
In reality, this means that cross-border crypto flows, including assets such as Bitcoin, are recorded in capital accounts as acquisitions or disposals of unproductive assets.
On the other hand, tokens with protocols and platforms such as Ethereum or Solana (SOL) may be classified as fair holdings under a financial account if their owner resides in a different country from the founder.
For example, if a UK investor owns a Solana token issued from the US, the position is recorded as a “stock cryptocurrency” and is recorded in parallel with traditional foreign stock investments.
The IMF notes that such assets are considered comparable to standard capital in terms of ownership, despite their reliance on encryption.
Staking rewards and verification services
The IMF nodded to the complexity of crypto activity that underpins staking and yield, saying that the staking rewards obtained from holding these tokens are similar to stock dividends and should be recorded under current account revenue, depending on the size and purpose of the holding.
This manual introduces conceptual changes in countries compiling macroeconomic statistics, aimed at improving visibility into the economic impact of digital assets and related services.
Transactions that include verification of the transfer of crypto assets (such as mining and staking) are treated as production of services and are added to the export and import of computer services.
The BPM7 manual was developed through global consultations involving over 160 countries and is expected to lead official statistics for the next few years.
Although implementations vary by jurisdiction, the IMF movement illustrates an important step in recognizing the macroeconomic relevance of digital assets in a standardized, globally equivalent format.
