The IMF officially recognizes Bitcoin and similar cryptocurrencies in its latest BPM7 manual, classifying them as non-produced assets.
On March 20, the IMF published the seventh edition of its Balance of Payments Manual (BPM7), introducing detailed guidelines for the integration of Bitcoin and other digital assets into global economic statistics. According to the new update, Bitcoin and similar cryptocurrencies are now classified as “non-produced non-financial assets,” while other tokens are treated similarly to equity holdings.
According to the IMF, the term “non-produced assets” refers to resources that are not created or produced through traditional economic activities, such as manufacturing or construction. These include natural resources like land, forests, mineral deposits, and water resources, which exist independently of human activity but can be economically exploited.
The IMF’s new classification of Bitcoin
The IMF framework divides digital assets into fungible and non-fungible tokens, with further distinctions based on whether corresponding liabilities exist. Bitcoin and similar cryptocurrencies without liabilities are categorized as capital assets, while stablecoins, which are backed by liabilities, are treated as financial instruments.
As stated by the central institution:
“Crypto assets without a counterpart liability designed to act as a medium of exchange (e.g., Bitcoin) are treated as non-produced nonfinancial assets and recorded separately in the capital account.”
In practice, cross-border cryptocurrency flows involving assets like Bitcoin will be recorded in the capital account as acquisitions or disposals of non-produced assets.
For tokens tied to specific protocols or platforms — such as Ethereum or Solana — the classification changes. These may be considered equity-type holdings in the financial account if the owner resides in a different country than the issuer. For example, if a UK investor holds Solana tokens issued from the US, the position would be recorded as “crypto assets in capital,” paralleling traditional foreign equity investments.
IMF recognizes mining and staking
Another change in the BPM7 manual concerns the treatment of staking rewards and transaction validation activities. The IMF has acknowledged that staking rewards obtained from holding tokens may resemble stock dividends and should be recorded under current account income, depending on the size and purpose of the holding.
Transactions involving the validation of crypto asset transfers — such as mining or staking — must be treated as the production of services, adding them to the exports and imports of computer services.
