國際貨幣基金組織（IMF）發布付款餘額手冊（BPM7），將比特幣（BTC）分類為資產

目前，世界各地的一些國家和地區已經開始討論和判斷虛擬貨幣的屬性。

Author: Iris, CryptoMiao

作者：iris，隱性

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

您認為虛擬貨幣是什麼，貨幣，商品或安全性？

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

目前，世界各地的一些國家和地區已經開始討論和判斷虛擬貨幣的屬性。

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.

例如，美國在2024年通過的《金融創新與技術法》（適合21世紀法案）專門將虛擬資產分為“商品”或“證券”，並規範它們；德國將虛擬貨幣歸類為私人貨幣；在某些情況下，越來越多的國家（例如中國和迪拜）將虛擬資產歸類為財產。

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

但是，隨著虛擬貨幣在世界範圍內逐漸流行，現在是時候“標準化體重和措施”了。

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.

據CryptoSlate稱，國際貨幣基金組織（IMF）於2025年3月22日發布了第七版的付款手冊（BPM7），該版本首次表徵比特幣（BTC）和類似的虛擬貨幣，並將其包括在付款餘額中。

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.

這是IMF首次系統地定義了全球金融統計系統中數字資產的狀態。儘管這種分類並不意味著監管授權，但其權威必定會對中央銀行，財務部，稅務機構甚至加密行業本身產生深遠的影響。

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

但是，在討論影響之前，律師Mankiw想與您談論IMF的權威性。

Who is the IMF?

誰是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.

國際貨幣基金組織（IMF）是國際貨幣基金的全名，聽起來像是一個“遠離我們的金融組織”，但實際上，它在全球金融規則中起著重要作用。

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.

到目前為止，IMF已建立了近80年，擁有190多個成員國。與以前介紹給您的FATF類似，IMF不是任何國家的隸屬機構，而是由各個國家政府共同建立的“財務顧問 +國際數據官員 +債務消防隊”。中央銀行和各個國家的財政部無法避免的存在。

The IMF has three main responsibilities:

IMF具有三個主要職責：

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.

首先，請密切關注全球經濟風險。如果一個國家的外債，匯率問題或財務問題，國際貨幣基金組織將發出警告。

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;

其次，提供貸款和援助。如果一個國家的外匯儲備處於關鍵狀態，則可以從國際貨幣基金組織申請救助貸款；

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

第三，也是最重要的是，我們關注的是“全球經濟統計標準”的製定。

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.

您可以將IMF視為“國家財務報表背後的主要會計師”。我們通常會聽到的有關付款，資本帳戶和外部資產負債表的餘額取決於國際貨幣基金組織開發的付款手冊。

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”:

至於個人，儘管國際貨幣基金組織並不像SEC或稅務局那樣直接管理您，但其設定的統計規則最終將逐步傳遞給每個專門負責“監督您”的部門：

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

各個國家的統計辦公室如何計算您的資產？

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

財政部和外匯政府如何監控您的資本流量？

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

稅務局和監管機構決定是否關心您以及如何從您那裡收取稅款。

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.

因此，第七版的付款手冊（BPM7）包括BTC和“統計類別”中的類似虛擬貨幣，實際上向世界發送了非常清晰的信號：虛擬貨幣不再是可以繞過報告的資產類別。

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.”

儘管該信號可能不會立即導致監督的實施，但它肯定會成為“根據證據和有效的有效監督的起點”。

Establishment of regulatory standards

制定監管標準

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

現在，讓我們回到最新版本的付款手冊中虛擬資產的部分。

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.

該文件指出，不受負債支持的加密資產（例如比特幣）應歸類為“非生產性，非財務資本資產”，並在付款餘額的“資本賬戶”中分別列出。

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.

如果您認為國際貨幣基金組織對虛擬資產（例如比特幣）的定義是“非貨幣”，則意味著監管是放鬆的，那麼您可能會誤會。實際上，這種分類可能是全球監管機構最高興看到的結果。

Why do you say that?

你為什麼這麼說？

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.

我們在文章開頭提到，許多國家或地區長期以來在虛擬資產的分類中存在差異，這導致了“每個人都想調節但沒有人可以調節”的困境和跨境監督。現在，國際貨幣基金組織直接得出結論，比特幣和類似的資產不是金錢或債務，而是您持有的一種資本資產，類似於黃金，房屋和藝術品。

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

這種分類非常適合各個國家的監管機構，因為這意味著此類資產不再是“系統外的灰色資產”，但可以包括在