Key points
The IMF has published its 7th edition of its handbook (BPM7). Bitcoin is seen as a means of exchange and a valuable reserve, while Stablecoins are considered financial instruments. Bitcoin and the Crypto industry mark a new important achievement in the approach for global adoption and recognition. The IMF has launched the seventh edition of the Pay Balance Manual (BPM7), integrating BTC and digital assets within the payment balance. Based in Washington DC, the International Monetary Fund (IMF) is an essential financial agency of the UN and an international financial institution funded by 191 Member States. The recognition of Bitcoin and Crypto by the IMF reports that the Financial Agency takes the industry seriously, opening the way for an extended adoption.
IMF integrates Bitcoin and Crypto in the payment balance
The seventh edition of the IMF manual on the balance of payments and the international investment position brings changes in the payment balance of the Financial Agency. According to recently published documents, Crypto assets without an appropriate obligation, intended to act as a means of exchange, such as Bitcoin, are treated as «unproduced non -financial assets» and are registered separately in the capital account. The IMF frame divides digital assets into fungible and non-functioning tokens, differentiating them according to the existence of an appropriate obligation.
IMF classification
Bitcoin and Crypto assets without obligations are framed as Capital Active. Stablecoins, supported by financial obligations, are treated as financial instruments.
Bitcoin/Crypto
This means that Bitcoin and similar Crypto assets have an obligation or debt against an issuer, as no entity is obliged to redeem Bitcoin or maintain its value. Thus, bitcoin is categorized as an asset of non -financial capital, similar to goods such as gold, indicating that the IMF sees it rather as on a valuable reserve.
Stablecoins
Stablecoins that have obligations are considered financial tools, because they are usually supported by reserves such as cash, bonds or other assets. These are issued by an entity that has the obligation to redeem them at a fixed value. As the issuer is responsible for maintaining parity with the fiduciary currency, Stablecoins are treated as financial instrumentssimilar to bank deposits or money market funds.
Why does the IMF classification matter?
The IMF classification highlights an essential difference between Bitcoin and Stablecoins: Bitcoin is perceived more as a value reserve or an investment asset, and less than money or financial instrument. Stablecoins are considered financial products, which could involve stricter regulation. This classification is in accordance with the way the regulators and institutions make the difference between: decentralized assets and without permission, such as Bitcoin Active Digital Issued Centralized, such as Stablecoins
Other IMF mentions
In the report, the IMF also addressed the rewards in the stakes obtained by holding tokens – they can resemble the capital dividends and should be registered in the current income account, depending on the size and purpose of holding. Transactions involving the validation of Crypto assets transfers, including mining or staking, will be treated as production services, being added to IT exports and imports.
Optimistic perspective
The latest IMF report provides more clarity on the integration of the Crypto industry in the global financial ecosystem, opening the way for a wider adoption of Bitcoin and Crypto. This important report comes in the context of an increase in the BTC's institutional adoption and a strong support from the US President Donald Trump. The IMF offers more reasons to remain optimistic about the future Bitcoin and the Crypto industry.