IMF formally recognizes digital assets for payments, storage

The International Monetary Fund (IMF) has officially recognized digital assets, stating they are intended for use as payments or savings. This includes notable digital assets like Bitcoin, although the IMF does not evaluate their stability. In its preliminary statistical manual, BPM7, the IMF offers a definition that acknowledges the rise of new financial products as a result of digitalization. It specifically notes that these digital assets are designed to work as money or to hold value over time. While Bitcoin is implicitly included in this recognition, the IMF does not explicitly endorse it or label it as "digital gold." The definition serves to clarify that digital assets exist for these purposes but does not assess whether they effectively fulfill those roles. The IMF emphasizes that their classification is technical. Their aim is to provide countries with a standardized way to record and account for transactions involving digital assets. This will help improve the understanding of global digital money flows. Some have misinterpreted the IMF’s statement as a direct endorsement of Bitcoin as "digital gold." However, this misunderstanding stems from the general description provided by the IMF, rather than a specific endorsement. In conclusion, while the IMF's recognition does not imply a judgment on the efficacy of digital assets like Bitcoin, it marks an important step in the formal acceptance of their role in the economy.