On March 20th, the International Monetary Fund (IMF) unveiled the latest iteration of its Balance of Payments Manual (BPM7), a critical update since 2009, now incorporating digital assets into its global economic reporting standards. This development represents a significant shift in how cryptocurrencies are perceived within financial frameworks. The manual categorizes digital assets into fungible and non-fungible tokens, offering clarity on their economic impact.
Notably, currencies like Bitcoin, which are not backed by liabilities, fall under non-produced non-financial assets, impacting the capital account. Conversely, stablecoins, supported by underlying assets, are classified as financial instruments. Furthermore, platform tokens, such as Ethereum (ETH) and Solana (SOL), may qualify as quasi-equity instruments when held internationally. The IMF also recognizes staking and yield-generating activities as forms of dividend income, while mining services are categorized as exportable computer services. The IMF is committed to advancing the adoption of BPM7 and the new System of National Accounts by 2029-2030.