The International Monetary Fund (IMF) has included cryptocurrencies in global statistical standards for the first time.
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Introduction
The International Monetary Fund (IMF) has included cryptocurrencies in global statistical standards for the first time. This decision shows that global adoption of the cryptocurrency ecosystem is increasing.
What is the IMF Balance of Payments Guide?
The Balance of Payments Guide or Guide published by the IMF provides accounting standards for balance of payments reporting and analysis for many countries. It is also known that the United States Bureau of Economic Analysis also complies with this standard. This Guide covers not only transactions but also stocks of relevant financial assets and liabilities. The IMF offers practical advice on the topics covered in the guide.
IMF and Decision Concerning Cryptocurrencies
With the newly published Balance of Payments Guide (BPM7) of the IMF, cryptocurrencies such as Bitcoin (BTC), which do not require any obligation in terms of the supplier, are now classified as capital assets. In other words, Bitcoin is a capital asset according to the IMF. Capital Asset: It is considered as an investment or a fixed asset with value. In addition; Stable coins such as USDT and USDC are considered financial instruments.
When we look at the altcoin side, smart contract platforms such as Ethereum (ETH) and cryptocurrencies within a certain protocol are described by the IMF as stock-like assets. The IMF states that the staking rewards earned by holding these cryptocurrencies are similar to stock dividends.
Conclusion
It is also emphasized that cryptocurrencies are recorded on the Blockchain with distributed ledger technology and should be recorded under the title of current account income in this way. The approach brought by the IMF aims to accept crypto assets as an investment tool and financial asset and to address them within a clearer framework.
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