国际货币基金组织（IMF）发布付款余额手册（BPM7），将比特币（BTC）分类为资产

目前，世界各地的一些国家和地区已经开始讨论和判断虚拟货币的属性。

Author: Iris, CryptoMiao

作者：iris，隐性

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

您认为虚拟货币是什么，货币，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，世界各地的一些国家和地区已经开始讨论和判断虚拟货币的属性。

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，美国在2024年通过的《金融创新与技术法》（适合21世纪法案）专门将虚拟资产分为“商品”或“证券”，并规范它们；德国将虚拟货币归类为私人货币；在某些情况下，越来越多的国家（例如中国和迪拜）将虚拟资产归类为财产。

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

但是，随着虚拟货币在世界范围内逐渐流行，现在是时候“标准化体重和措施”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.

据CryptoSlate称，国际货币基金组织（IMF）于2025年3月22日发布了第七版的付款手册（BPM7），该版本首次表征比特币（BTC）和类似的虚拟货币，并将其包括在付款余额中。

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.

这是IMF首次系统地定义了全球金融统计系统中数字资产的状态。尽管这种分类并不意味着监管授权，但其权威必定会对中央银行，财务部，税务机构甚至加密行业本身产生深远的影响。

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

但是，在讨论影响之前，律师Mankiw想与您谈论IMF的权威性。

Who is the IMF?

谁是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.

国际货币基金组织（IMF）是国际货币基金的全名，听起来像是一个“远离我们的金融组织”，但实际上，它在全球金融规则中起着重要作用。

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.

到目前为止，IMF已建立了近80年，拥有190多个成员国。与以前介绍给您的FATF类似，IMF不是任何国家的隶属机构，而是由各个国家政府共同建立的“财务顾问 +国际数据官员 +债务消防队”。中央银行和各个国家的财政部无法避免的存在。

The IMF has three main responsibilities:

IMF具有三个主要职责：

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，请密切关注全球经济风险。如果一个国家的外债，汇率问题或财务问题，国际货币基金组织将发出警告。

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，提供贷款和援助。如果一个国家的外汇储备处于关键状态，则可以从国际货币基金组织申请救助贷款；

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，我们关注的是“全球经济统计标准”的制定。

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.

您可以将IMF视为“国家财务报表背后的主要会计师”。我们通常会听到的有关付款，资本帐户和外部资产负债表的余额取决于国际货币基金组织开发的付款手册。

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”:

至于个人，尽管国际货币基金组织并不像SEC或税务局那样直接管理您，但其设定的统计规则最终将逐步传递给每个专门负责“监督您”的部门：

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

各个国家的统计办公室如何计算您的资产？

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

财政部和外汇政府如何监控您的资本流量？

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

税务局和监管机构决定是否关心您以及如何从您那里收取税款。

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，第七版的付款手册（BPM7）包括BTC和“统计类别”中的类似虚拟货币，实际上向世界发送了非常清晰的信号：虚拟货币不再是可以绕过报告的资产类别。

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.”

尽管该信号可能不会立即导致监督的实施，但它肯定会成为“根据证据和有效的有效监督的起点”。

Establishment of regulatory standards

制定监管标准

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

现在，让我们回到最新版本的付款手册中虚拟资产的部分。

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.

该文件指出，不受负债支持的加密资产（例如比特币）应归类为“非生产性，非财务资本资产”，并在付款余额的“资本账户”中分别列出。

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.

如果您认为国际货币基金组织对虚拟资产（例如比特币）的定义是“非货币”，则意味着监管是放松的，那么您可能会误会。实际上，这种分类可能是全球监管机构最高兴看到的结果。

Why do you say that?

你为什么这么说？

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.

我们在文章开头提到，许多国家或地区长期以来在虚拟资产的分类中存在差异，这导致了“每个人都想调节但没有人可以调节”的困境和跨境监督。现在，国际货币基金组织直接得出结论，比特币和类似的资产不是金钱或债务，而是您持有的一种资本资产，类似于黄金，房屋和艺术品。

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

这种分类非常适合各个国家的监管机构，因为这意味着此类资产不再是“系统外的灰色资产”，但可以包括在