International Monetary Fund (IMF) Releases Balance of Payments Manual (BPM7), Classifying Bitcoin (BTC) as an Asset

Currently, some countries and regions around the world have begun discussing and judging the attributes of virtual currencies.

Author: Iris, CryptoMiao

What do you think virtual currency is, currency, commodity or security?

Currently, some countries and regions around the world have begun discussing and judging the attributes of virtual currencies.

For example, the Financial Innovation and Technology Act (FIT for the 21st Century Act) passed by the United States in 2024 specifically divides virtual assets into “commodities” or “securities” and regulates them; Germany classifies virtual currencies as private currencies; and more countries, such as China and Dubai, classify virtual assets as property in certain cases.

However, as virtual currencies gradually become popular around the world, it is time to “standardize weights and measures.”

On March 22, 2025, according to Cryptoslate, the International Monetary Fund (IMF) released the seventh edition of the Balance of Payments Manual (BPM7), which for the first time characterized Bitcoin (BTC) and similar virtual currencies and included them in the balance of payments statement.

This is the first time that the IMF has systematically defined the status of digital assets in the global financial statistics system. Although this classification does not mean regulatory authorization, its authority is bound to have a profound impact on central banks, finance ministries, tax agencies and even the crypto industry itself.

However, before discussing the impact, Attorney Mankiw would like to talk to you about how authoritative the IMF is.

Who is the IMF?

IMF, the full name of the International Monetary Fund, sounds like a financial organization “far away from us”, but in fact it plays a significant role in global financial rules.

So far, the IMF has been established for nearly 80 years and has more than 190 member countries. Similar to the FATF introduced to you before, the IMF is not an affiliated institution of any country, but a “financial advisor + international data officer + debt fire brigade” jointly built by governments of various countries. It is an existence that central banks and finance ministries of various countries cannot avoid.

The IMF has three main responsibilities:

First, keep an eye on global economic risks. If a country has high foreign debt, exchange rate problems, or financial problems, the IMF will issue a warning.

Second, provide loans and aid. If a country's foreign exchange reserves are in a critical situation, it can apply for a bailout loan from the IMF;

Third, and most importantly, what we are focusing on this time is the formulation of “global economic statistics standards”.

You can think of the IMF as the “chief accountant behind national financial statements.” The balance of payments, capital account, and external balance sheet that we usually hear about all rely on the Balance of Payments Manual developed by the IMF.

As for individuals, although the IMF does not directly manage you like the SEC or the tax bureau, the statistical rules it sets will eventually be passed on step by step to each department that is specifically responsible for “supervising you”:

How do the statistical offices of various countries count your assets?

How does the Ministry of Finance and the State Administration of Foreign Exchange monitor your capital flow?

The tax bureau and regulatory agencies decide whether to care about you and how to collect taxes from you.

Therefore, the seventh edition of the Balance of Payments Manual (BPM7) includes BTC and similar virtual currencies in the “statistical category”, which actually sends a very clear signal to the world: virtual currency is no longer an asset class that can bypass reporting.

Although this signal may not immediately lead to the implementation of supervision, it will definitely become the starting point for “supervision that is actionable, based on evidence, and effective.”

Establishment of regulatory standards

Now, let’s return to the section on virtual assets in the latest edition of the Balance of Payments Manual.

The document states that crypto assets (such as Bitcoin) that are not backed by liabilities should be classified as “non-productive, non-financial capital assets” and listed separately in the “capital account” of the balance of payments.

If you think that the IMF’s definition of virtual assets such as Bitcoin as “non-currency” means that regulation is relaxed, you may be mistaken. In fact, this classification may be the result that global regulators are most happy to see.

Why do you say that?

We mentioned at the beginning of the article that many countries or regions have long had differences in the classification of virtual assets, which has led to the dilemma of “everyone wants to regulate but no one can regulate” in cross-border and cross-regional supervision. Now, the IMF has directly concluded that Bitcoin and similar assets are not money or debt, but a kind of capital asset you hold, similar to gold, houses, and works of art.

This classification is perfect for regulatory agencies in various countries, because it means that such assets are no longer “gray assets outside the system” but can be included in