## Recording of Fungible Crypto Assets in Macroeconomic Statistics — Unbacked Crypto Assets

## Source details

**Canonical URL:** [Recording of Fungible Crypto Assets in Macroeconomic Statistics — Unbacked Crypto Assets](https://www.imf.org/-/media/files/data/statistics/bpm6/approved-guidance-notes/issues-note-recording-of-fungible-crypto-assets-in-macroeconomic-statistics-unbacked-crypto-assets.pdf)

## Other formats

- [Markdown version](/-/media/files/data/statistics/bpm6/approved-guidance-notes/issues-note-recording-of-fungible-crypto-assets-in-macroeconomic-statistics-unbacked-crypto-assets.pdf.md)
- [Structured JSON version](/-/media/files/data/statistics/bpm6/approved-guidance-notes/issues-note-recording-of-fungible-crypto-assets-in-macroeconomic-statistics-unbacked-crypto-assets.pdf.json)

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### Background and user consultation process
- The user consultation was opened January 31, 2023, with an original deadline of March 3, 2023, extended to March 10, 2023.
- The consultation had three prongs:
  - Selected users identified by AEG and BOPCOM members were invited.
  - Selected users in international organisations identified by ISWGNA/AEG/BOPCOM members were invited.
  - National accounts and balance of payments contacts in other countries were asked to notify relevant users and invite participation.
- As of March 11, 2023:
  - 184 responses were received, of which 29 did not complete the survey.
  - 155 respondents completed the survey: 40 selected users and 115 other users.
  - Responses came from 88 countries and 7 international organizations.

### Summary of consultation findings (classification preferences)
- Overall preference among respondents who expressed an opinion:
  - Of 127 respondents expressing an opinion, 78 (61 percent) preferred treating unbacked crypto assets as non-financial assets and 49 (39 percent) preferred treating them as financial assets.
  - Within selected users who expressed an opinion, 20 (54 percent) preferred non-financial assets.
  - Among other respondents who expressed an opinion, 58 (64 percent) preferred non-financial assets.
- Distribution by type of respondent (for those expressing a view):
  - International organisations: 52 percent (15) favoured non-financial assets.
  - National statistical offices: 57 percent (17) favoured non-financial assets.
  - Central banks: 76 percent (37) favoured non-financial assets.
  - “Other” respondents: 67 percent (4) favoured non-financial assets.
  - Other government institutions: 62 percent (8) favoured financial assets.
- Respondents favouring financial-asset classification:
  - Of 26 respondents who provided a view on residency treatment, 22 considered they should be treated as external financial assets; 20 respondents were undecided and 3 did not provide a response on the preferred option.
- Respondents favouring non-financial-asset classification:
  - Of 73 respondents who provided a view on produced vs non-produced, 43 (58 percent) considered they should be classified as non-produced assets.
- Aggregated by unique country/international organisation:
  - 49 favoured non-financial assets, 32 favoured financial assets, and 14 were undecided; of those expressing a view, 60 percent preferred non-financial assets.
- User-reported primary reason for holding non-liability crypto assets:
  - Long-term investment or speculation: 103 respondents (30 selected users, 73 other users).
  - Anonymity of investments: 21 respondents.
  - Alternative to fiat currency: 3 respondents.

### Key statistical and operational findings from the attachment (survey question highlights)
- Q1: Types of macroeconomic statistics commonly used (selected counts):
  - External Sector Statistics: total 110 (23 selected users, 87 other users).
  - Monetary and Financial Statistics: total 100 (23 selected users, 77 other users).
  - Government Finance Statistics: total 83 (16 selected users, 65 other users).
  - National Accounts: total 113 (23 selected users, 90 other users).
- Q2 (classification preference totals): Financial assets 49; Nonfinancial assets 78; Undecided 26; No response 2.
- Q3 (if financial assets — residency): Domestic financial assets 4; External financial assets 22; Undecided 20; No response 3.
- Q4 (if nonfinancial assets — produced vs non-produced): Produced nonfinancial assets 30; Non-Produced nonfinancial assets 43; Undecided 5.
- Q6 (sources of data on non-liability crypto assets, totals):
  - Crypto asset exchanges/trading platform/wallets: 29.
  - Central Bank: 14.
  - NSO: 3.
  - Mining companies: 6.
  - Currently no data available: 60.
  - Not seeking data on (non-liability) crypto assets: 36.
- Q7 (types of data available from sources): Transactions 25; Positions/stocks 15; Crypto assets mined 8.
- Q9–Q11 country-level indicators (covering 89 countries):
  - Q9 (legally permitted to buy/sell/hold): Yes 52; No 15; Unknown 9; Unclear 8; No response 5.
  - Q10 (legally accepted as medium of exchange): Yes 17; No 44; Unknown 14; Unclear 9; No response 5.
  - Q11 (transactions/stocks currently relevant/materially significant): Yes 11; No 40; Unknown 24; Unclear 9; No response 5.

### Editorial teams’ assessment and provisional decision
- The SNA and BPM editorial teams note strong arguments exist on both sides and eminent experts hold differing views; the issue is complex as evidenced by non-completion and “undecided” responses.
- Provisional decision for the purpose of proceeding with BPM and SNA updates:
  - Treat unbacked crypto assets as non-financial assets and, within that category, as non-produced non-financial assets.
  - Cross-border transactions would be recorded in the capital account rather than in the current account.
  - Unbacked crypto assets would be separately identified so that users could create alternative presentations if they wished.
- Rationale:
  - The majority view of the global consultation favoured non-financial assets and within that category non-produced assets.
  - A timely decision was required to proceed with updates.

### Recommendations and next steps
- Reconsideration clause:
  - The provisional decision should be reconsidered if significant market, regulatory and/or accounting changes justify revision either before or after the release of the manuals in 2025.
  - The editorial teams indicated that a different decision could be accommodated in the update process or added as a change between editions; this possibility is mentioned in paragraph 1.41 of BPM6.
- Research and compilation priorities:
  - Place the treatment of unbacked crypto assets on the SNA and BPM research agendas beyond the current updates.
  - Proceed as a priority with a program of actually compiling estimates for crypto assets (including experimental estimates) to check appropriateness of the agreed treatment and inform potential reconsideration.
  - Develop practical guidance for compilers.
- Communication, guidance, and data sharing:
  - Develop communication on the recommended treatment and guidance on identification of non-liability crypto assets, treatment of borderline cases, and recording of flows/stocks related to non-liability crypto assets in national accounts and external sector statistics for users and producers.
  - Develop practical guidance on data sharing to facilitate compilation of crypto assets flows/stocks in national accounts and external sector statistics; leverage recommendations in the Guide to Sharing Economic Data in Official Statistics where applicable.

### Outcomes of the March 2023 Joint Committee and AEG meeting
- The Committee and the AEG agreed with the editorial teams’ recommendations to treat non-liability crypto assets (both CAWLM and CAWLP) as non-produced non-financial assets within a separate category in the 2025 SNA and BPM7.
- The AEG and Committee also recommended:
  - Monitor developments relating to non-liability crypto assets and review the recommendation if significant market, regulatory, and/or accounting changes occur.
  - Retain the issue on the SNA and BPM research agendas.
  - Develop communication and guidance for identification, borderline cases, and recording of flows/stocks.
  - Develop practical guidance on data sharing to facilitate compilation of crypto assets statistics.

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_Source: https://www.imf.org/-/media/files/data/statistics/bpm6/approved-guidance-notes/issues-note-recording-of-fungible-crypto-assets-in-macroeconomic-statistics-unbacked-crypto-assets.pdf_