Global authorities have established the first comprehensive set of guidelines to quantify cryptocurrency transactions, marking a significant shift in how national governments report on the movements of digital assets. Recently, the International Monetary Fund released its eighth Balance of Payments Manual, which establishes standardized guidelines for keeping an eye on virtual currencies like Bitcoin.
More than 160 countries collaborated to develop a new framework that closes significant gaps in the monitoring of digital asset movements, according to IMF reports. For a long time, cryptocurrency transactions—which are valued at trillions of dollars annually—have either gone unreported or have been reported inconsistently.
The manual suggests a thorough categorization scheme for cryptocurrency. For instance, Bitcoin will be treated as a non-financial, non-produced asset, much to how countries treat the rights to land or natural resources. Crypto services like mining and staking will be categorized under computer services exports, whereas stablecoins like Tether will be recognized as financial instruments.
Two countries have made important advancements in the regulation of cryptocurrencies. With roughly 200,000 BTC, mostly acquired through legal seizures, the US has established a strategic Bitcoin reserve. An executive order prohibiting the assets’ further transactions was signed by US President Donald Trump.
Meanwhile, El Salvador continues its Bitcoin initiative. Even after signing a $1.4 billion agreement with the IMF in December 2024 that called for limits on cryptocurrency trades, the country has still accumulated 6,125 BTC, or about $538 million.
According to the IMF’s new guidelines, these national cryptocurrency reserves will henceforth be tracked similarly to cross-border land purchases or spectrum license purchases. This approach provides more clarity than ever before regarding how different countries are handling digital assets.
The crypto community has responded in a variety of ways. While some view the handbook as a triumphant acknowledgement of Bitcoin’s prominence, others caution that the report should not be taken too seriously. The president of El Salvador’s Bitcoin adviser, Max Keiser, claimed that although the IMF recognized Bitcoin as “digital gold,” it did not support any such designation.
These new reporting formats will benefit countries that use cryptocurrency the most. For example, according to a 2023 KuCoin analysis, over 35% of adults in Nigeria alone say they use or own cryptocurrency.
The guidance is a significant step in recognizing the global economic significance of cryptocurrencies, even though it does not grant them legal status. Using transparent and uniform procedures, banks and governments will be able to monitor and report bitcoin transactions internationally.
Despite debates over their potential future significance, the IMF upgrade represents a growing acknowledgement of cryptocurrencies as an important component of the global financial system.
