IMF Updates Balance of Payments Manual, Officially Incorporating Crypto Assets
On March 20, 2025, the International Monetary Fund (IMF) updated the Balance of Payments and International Investment Position Manual (BPM7). What was supposed to be a routine update unexpectedly caused a global financial market shock: Bitcoin was officially included in the BPM7, becoming a “recognized member” of the global economic statistics system.
This means that Bitcoin, as a representative of cryptocurrencies, has officially obtained an “official identity card”.
IMF’s 12-Year Battle with Crypto Assets: The Evolution of Global Financial Order Guardian’s Cognition and Strategic Shift
As the core pillar of the Bretton Woods system, the International Monetary Fund (IMF) has been on a journey to understand and adapt to the impact of crypto assets — a journey that essentially reflects how the traditional financial power center copes with the shock of the digital revolution. Since its first encounter with cryptocurrencies in 2013, this super financial institution with 190 member countries has transformed over a decade from a cautious observer to an active shaper. Behind this cognitive evolution lies the massive upheaval in the global monetary system.
- Awakening of Technology (2013–2016)
When Bitcoin’s market capitalization first exceeded $1 billion, the IMF published a report titled “Preliminary Analysis of Virtual Currencies” in 2013. From the perspective of central banks, it dissected the “peer-to-peer electronic cash system” and creatively defined crypto assets as “cryptography-based distributed ledger assets”. The report accurately predicted three disruptive features:
Censorship-resistant payments
Low-cost cross-border settlement
Algorithmic issuance mechanisms
At that stage, the IMF resembled an academic institution, carefully analyzing the emerging technology. In 2015, it deepened its research by distinguishing “digital currency” from “virtual currency”, clearly stating that the latter lacks sovereign backing and cannot fulfill monetary functions. This understanding peaked in 2016 with a specialized paper titled “The Legal Boundaries of Digital Currency”, where legal experts cited IMF Articles of Agreement, concluding that Bitcoin does not meet the legal definition of “money”, laying the groundwork for future regulatory battles.
- Risk Warning Phase (2017–2020)
As the ICO frenzy swept the globe in 2017, the IMF shifted to a risk control mode. In its “Financial Technology Regulatory Framework” report, it for the first time included cryptocurrencies in the Anti-Money Laundering (AML) landscape, calling for member countries to amend contract law to accommodate smart contract features and establish on-chain transaction tracking systems.
In 2018, the “Dark Side of the Crypto World” report revealed the bottom line: while acknowledging the innovative value of technology, it emphasized that “no country can independently manage the cross-border risks of cryptocurrencies”, advocating the creation of a global regulatory alliance.
A major milestone during this period was the 2019 white paper “The Rise of Digital Money”, where IMF economists established a digital currency competitiveness model, highlighting how crypto assets pose a replacement threat to traditional banking in terms of payment efficiency and financial inclusion. This laid the theoretical foundation for subsequent regulatory frameworks.
- Systemic Reconstruction Phase (2021–Present)
The market capitalization of cryptocurrencies surpassed $2.5 trillion during the COVID-19 pandemic, prompting the IMF to initiate a strategic shift. The “Digital Currency Strategic Roadmap” published in 2021 marked the official integration of crypto assets into the global financial governance system. The document introduced the innovative concept of “Digital Dollarization”, warning that developing countries could lose monetary policy sovereignty due to crypto penetration.
The 2022 “Crypto Regulatory Manifesto” sketched out the global regulatory framework, introducing the principle of “Same Activity, Same Risk, Same Regulation”, which directly led to the nine policy pillars issued in February 2023:
Ban on fiat-backed stablecoins
Capital adequacy requirements for exchanges
Cross-chain transaction monitoring system
Mandatory disclosure of energy consumption
Restrictions on leveraged derivative trading
Cross-border tax cooperation mechanism
Investor suitability thresholds
CBDC interoperability protocol development
Global regulatory information sharing platform
In July 2023, the IMF, in collaboration with the Financial Stability Board (FSB), jointly released the “Guidelines for Systemic Risk Prevention of Crypto Assets”, further extending its regulatory reach to the DeFi sector. The guidelines require smart contracts to preset regulatory interfaces, and DAO organizations to meet antitrust review standards. This regulatory penetration, evolving from the periphery to the core, reached a new height in 2024 — with the IMF’s latest revision of the “Balance of Payments Manual”, cryptocurrencies were officially included in the statistics of international reserve assets, marking the moment when digital assets formally obtained a “quasi-sovereign currency” status.
Looking back at the IMF’s twelve-year policy evolution, the strategic goal has always been clear: to both curb the erosion of traditional monetary sovereignty by cryptocurrencies and to leverage blockchain technology to enhance the efficiency of the global financial system. This dual-track strategy of suppression and utilization was vividly demonstrated during the 2025 “Bitcoin Strategic Reserve Act” controversy — when the United States attempted to incorporate Bitcoin into its foreign exchange reserves, the IMF immediately activated a special review mechanism. It required all crypto reserve countries to simultaneously strengthen their foreign exchange intervention capabilities to prevent digital asset volatility from impacting exchange rate stability.
Cryptocurrencies Officially Integrated into the Global Economic Monitoring System
The IMF’s core logic revolves around using “whether it bears liabilities” as the benchmark, marking the end of cryptocurrencies’ statistical blind spot and their official inclusion into the global economic monitoring system.
Digital Hard Assets: The “Goldification” of Bitcoin
Fully decentralized cryptocurrencies are classified as “non-productive non-financial assets”, listed on national balance sheets alongside gold and artwork. This means that if central banks hold Bitcoin, they must disclose market value fluctuations periodically, just as they do with gold reserves. Naturally, BTC is the most representative in this category.Stablecoins as “Financial Instruments”
Stablecoins like USDT and USDC, which are backed by liabilities, are categorized under “financial accounts”, treated similarly to stocks and bonds. This means that in the future, companies issuing stablecoins may face audit requirements similar to those imposed on traditional financial institutions.Public Chain Tokens as “Equity-Like Assets”
Platform tokens such as ETH and SOL, when held by foreign investors, may have staking yields defined as “primary income” (analogous to overseas dividends of multinational corporations). This categorization could directly impact a country’s international investment income data.
Conclusion
Today, next to the gold monitoring system in the underground vault of the IMF headquarters, a digital screen has been newly installed to track the real-time prices of the top ten cryptocurrencies. This subtle detail reflects not just a technical upgrade, but a reconstruction of the global financial power structure.
As crypto assets grow into a $3.6 trillion super market (data as of December 18, 2024), even the most conservative financial authorities can no longer deny the reality:The next chapter of monetary evolution is destined to be written on the blockchain.
