## The recording of fungible crypto assets in macroeconomic statistics — background note

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**Canonical URL:** [The recording of fungible crypto assets in macroeconomic statistics — background note](https://www.imf.org/-/media/files/data/statistics/bpm6/fitt/f18-the-recording-of-fungible-crypto-assets-in-macroeconomic-statistics-background-note.pdf)

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### Definitions and taxonomy
- The background note defines crypto assets as digital representations of value that rely on cryptography and decentralized peer-to-peer architecture based on distributed ledger technology (DLT), enabling two parties to directly transact without a trusted intermediary.
- Crypto assets are divided into:
  - Fungible crypto assets: divisible and not unique (examples: Bitcoin and Ether).
  - Non-fungible crypto assets (nonfungible tokens): unique and non-divisible.
- Fungible crypto assets are grouped into three broad categories:
  - a) Crypto assets designed to act as a general medium of exchange
    - with a corresponding liability (e.g., stable coins such as the USD coin that are claims on the issuer)
    - without a corresponding liability (e.g., Bitcoin and Ether) — known as non-liability crypto assets
  - b) Crypto assets that only act as a medium of exchange within a platform or network
    - with a corresponding liability (e.g., stable coins with a claim on the issuer within a platform)
    - without a corresponding liability — also part of the non-liability crypto assets
  - c) Security tokens (which always have a counterpart liability): crypto assets with characteristics of debt, equity, and derivatives
- The consultation focuses on non-liability crypto assets (e.g., Bitcoin and Ether).

### Classification options and rationales
- Option: classify non-liability crypto assets as a new type of financial asset
  - Rationale:
    - Designed to act as a general medium of exchange; would expand the definition of financial assets beyond financial claims to include a new separate asset class.
    - Most nonfinancial assets derive value from use in production; non-liability crypto assets do not, and their value derives from expectations they may be used as a medium of exchange.
    - Treating them as financial assets would avoid recording barter trade when used as a medium of exchange, which would otherwise affect the current account and institutional sector net lending/net borrowing.
  - Implications:
    - Activities of miners and validators would be considered provision of validation services remunerated via explicit fees and via new coins (new coins as remuneration for mining/validation).
    - Monetary classification debates (i.e., whether they are money) are considered irrelevant to whether they should be recorded as financial assets.
  - Note:
    - Gold bullion held as monetary gold is currently the only financial asset without a counterpart liability; proponents argue non-liability crypto assets are analogous in not representing a claim on another institutional unit.

- Option: classify non-liability crypto assets as a new type of nonfinancial asset (produced or non-produced)
  - Rationale:
    - Current convention: financial assets generally require a counterpart liability (except monetary gold); non-liability crypto assets do not represent a claim on another institutional unit.
    - Many non-liability crypto assets are used primarily for speculation rather than as a medium of exchange; thus they resemble valuables/precious metals and could be treated as nonfinancial assets until they are widely used to purchase goods and services.
    - Treatment as nonfinancial assets aligns with current international accounting practice cited by proponents.
  - Implications:
    - If treated as nonfinancial assets, choice between produced and non-produced affects GDP and gross fixed capital formation for countries involved in mining or designing coins.

### Produced vs non-produced nonfinancial asset distinction
- Produced asset recording:
  - Miners (for mineable coins) or designers (for non-mineable coins) are treated as producers; newly created assets are recorded as part of gross capital formation and add to GDP.
  - Intuitively appealing for miners who become owners of mined coins; less so for non-mineable coins.
- Non-produced asset recording:
  - Treats miners/validators as providers of validation services remunerated via explicit fees and via new coins (implicit fees).
  - Validation services consumption must be allocated to users (payers of explicit fees or owners of existing coins due to dilution from new coins); recording choice affects whether payments are final or intermediate consumption and impacts GDP differently.
  - Non-produced treatment brings consistency regardless of how coins enter circulation but may require assumptions and create complications (including potential bilateral asymmetries when allocating cross-border consumption of validation services).

### Illustrative numerical examples and key differences in aggregates
- Example 1: Resident in Country A purchases 100 units of Bitcoin from Resident in Country B for US$100.
  - Financial asset treatment (column 1):
    - Transactions in financial assets (crypto assets): Country A: 100; Country B: -100.
    - Transactions in financial assets (USD): Country A: -100; Country B: 100.
    - Change in net IIP: Country A: 0; Country B: 0.
    - Net lending/borrowing: Country A: 0; Country B: 0.
  - Produced nonfinancial asset treatment (column 2):
    - Imports of goods (Country A): 100 recorded; Exports of goods (Country B): 100 recorded.
    - Current account balance: Country A: -100; Country B: 100.
    - Acquisitions less disposals of non-produced nonfinancial assets recorded as -100 (Country A) / 100 (Country B) depending on category.
    - Net lending/borrowing: Country A: -100; Country B: 100.
    - Change in net IIP: Country A: -100; Country B: 100.
  - Non-produced nonfinancial asset treatment (column 3):
    - Current account balance: Country A: 0; Country B: 0.
    - Acquisitions less disposals of non-produced nonfinancial assets: Country A: -100; Country B: 100.
    - Net lending/borrowing: Country A: -100; Country B: 100.
    - Change in net IIP: Country A: -100; Country B: 100.
  - Summary differences from Example 1:
    - Recording as a nonfinancial asset (columns 2 and 3) decreases net IIP by 100 for Country A and increases net IIP by 100 for Country B.
    - Produced nonfinancial asset option (column 2) results in a decrease of current account by 100 for Country A and an increase of 100 for Country B.
    - No change to net IIP of both countries when Bitcoin is treated as a financial asset (column 1).
    - Recording as a produced nonfinancial asset (column 2) increases capital formation by 100 for Country A and decreases the stock of nonfinancial assets by 100 for Country B.
    - Recording as a non-produced nonfinancial asset (column 3) increases the stock of non-produced nonfinancial assets by 100 for Country A and decreases it by 100 for Country B.
    - For nonfinancial asset options (columns 2 and 3), recording results in net borrowing of 100 for Country A and net lending of 100 for Country B; no impact on net lending/borrowing when treated as a financial asset.
    - Net saving remains unchanged for both countries under all options.

- Example 2: Resident in Country A imports goods of US$80 from Resident in Country C and pays with Bitcoin.
  - Financial asset treatment (column 1):
    - Transactions in financial assets (crypto assets): Country A: -80; Country C: 80.
    - Change in net IIP: Country A: -80; Country C: 80.
    - Current account balance: Country A: -80; Country C: 80.
    - Net lending/borrowing: Country A: -80; Country C: 80.
  - Produced or non-produced nonfinancial asset treatments (columns 2 and 3):
    - Imports of goods recorded as 80 for Country A and exports as 80 for Country C.
    - Current account balance: Country A: 0 (column 2) or -80 (column 3) depending on produced/non-produced treatment; Country C: 0 or 80 correspondingly.
    - Transactions in financial assets (crypto assets) show 0 for the nonfinancial asset treatments.
    - Net lending/borrowing: Country A: -80 (financial asset option) versus 0 (nonfinancial options); Country C: 80 (financial asset option) versus 0 (nonfinancial options).
  - Summary differences from Example 2:
    - Recording as a nonfinancial asset (columns 2 and 3) has no impact on the net IIP of either country.
    - Produced nonfinancial asset recording (column 2) has no impact on the current account balance of either country—as Bitcoins are recorded as transactions in goods.
    - Conversely, when Bitcoin is treated as a financial asset (column 1) net IIP of Country A decreases by 80 and net IIP of Country C increases by 80.
    - Recording as a nonfinancial asset keeps financial assets unchanged and reduces the stocks of nonfinancial assets for Country A while increasing them for Country C; produced treatment decreases stocks of capital assets for Country A and increases them for Country C.
    - When recorded as a financial asset (column 1), Country A’s stocks of nonfinancial assets increase and stocks of financial assets decrease by 80; Country C’s stocks of financial assets increase by 80.
    - No impact on net lending/borrowing for either country when Bitcoin is treated as a nonfinancial asset; with financial asset treatment Country A becomes a net borrower of 80 and Country C a net lender of 80.
    - Net saving for both countries is unchanged irrespective of recording option.

### Key considerations for statistical recording and policy implications
- Classification choice affects:
  - Current account balances, net international investment positions (net IIP), net lending/net borrowing, and GDP and gross capital formation for countries involved in mining or issuing coins.
- Practical implementation challenges:
  - If non-liability crypto assets are recorded as non-produced nonfinancial assets, assigning consumption of validation services (explicit and implicit fees) to users, especially across borders, may be complex and could lead to bilateral asymmetries.
  - If recorded as produced nonfinancial assets, decisions are required on which actors are considered producers (miners vs designers) and how newly created assets are recorded in capital formation.
- Conceptual consistency:
  - Financial asset option aligns with treating assets whose value stems from expectations of medium-of-exchange use as financial; nonfinancial option aligns with convention that financial assets require counterpart liabilities and with current accounting treatments of valuables.
- Interim approach:
  - Where evidence suggests predominant use of non-liability crypto assets is for investment/speculation rather than as a medium of exchange, the background note proposes treating them as a new subclass of nonfinancial assets (produced or non-produced) until usage as a medium of exchange becomes widespread.

### ANNEX 2: Classification framework (stocks of assets)
- Financial assets (AF)
  - AF1 Monetary gold and SDRs
  - AF2 Currency and deposits
    - of which: Central Bank Digital Currencies (CBDCs)
  - AF3 Debt securities
    - of which: debt security crypto assets
  - AF4 Loans
  - AF5 Equity and investment fund shares
    - of which: equity crypto assets
  - AF6 Insurance, pension and standardized guarantee schemes
  - AF7 Financial derivatives and employee stock options
    - of which: derivative crypto assets
  - AF8 Crypto assets designed to act as medium of exchange
    - AF81 ...with a corresponding liability, e.g., stablecoins
    - AF81 ...without a corresponding liability, e.g., bitcoins
  - AF9 Other accounts receivable/payable

- Produced nonfinancial assets (AN — Stocks of assets)
  - AN Non-financial assets
    - AN1 Produced non-financial assets
      - AN11 Fixed assets
      - AN12 Inventories
      - AN13 Valuables
        - of which: crypto assets without a corresponding liability designed to act as medium of exchange, e.g., bitcoins
    - AN2 Non-produced non-financial assets

- Non-produced nonfinancial assets (AN — Stocks of assets)
  - AN Non-financial assets
    - AN1 Produced non-financial assets
    - AN2 Non-produced non-financial assets
      - AN21 Natural resources
      - AN22 Contracts, leases and licences
        - of which: crypto assets without a corresponding liability designed to act as medium of exchange, e.g., bitcoins
      - AN23 Goodwill and marketing assets

### ANNEX 2: Pros and cons of proposed classification options
- Considering non-liability crypto assets as Financial Assets
  - Pros:
    - Consistent with the view that some financial assets (like monetary gold, money, equity, etc.) do not need to have a counterpart liability
  - Cons:
    - Consistent with the view that all financial assets (except monetary gold) should have a counterpart liability (presented as a con because of inconsistency)
    - Considering it as a financial asset (an additional exception) may open the door for other commodities to be treated as financial assets
    - Does not imply barter trade transactions in case non-liability crypto asset is used as medium of exchange (i.e., for purchase of goods and services)
    - Holdings of non-liability crypto assets may increase the country’s net financial position with the rest of the world, without any counterpart external liability, creating an additional inconsistency between total financial assets and liabilities world-wide

- Considering non-liability crypto assets as Produced Nonfinancial Assets
  - Pros:
    - Consistent with the view that miners do not actually produce coins but receive them in exchange for validation services
    - Consistent with the view that mining non-liability crypto assets is akin to a production process, and they appear for the first time in the wallet of miners
    - Adds to GDP (for the countries involved in mining) and capital formation
  - Cons:
    - Consistent with the view that all financial assets (except monetary gold) should have a counterpart liability (presented as a con because of inconsistency)
    - Inconsistent with the definition of produced nonfinancial assets and requires an expansion of, or change to, one of the categories of produced nonfinancial assets to include this specific type of digital valuables (possibly an update to the current definition of valuables)
    - Practical implementation of this treatment may require some assumptions on the counterpart of the implicit validation fee, which may pose challenges and consequently may affect bilateral asymmetries

- Considering non-liability crypto assets as Non-Produced Nonfinancial Assets
  - Pros:
    - Consistent with the view that miners do not actually produce coins but receive them in exchange for validation services
  - Cons:
    - Consistent with the view that all financial assets (except monetary gold) should have a counterpart liability (presented as a con because of inconsistency)
    - Inconsistent with the definition of non-produced nonfinancial assets and requires an expansion of, or change to, one of the categories of non-produced nonfinancial assets to include this specific type contracts (possibly an update to the current definition of contracts, leases, and licenses)
    - Leads to transactions akin to barter trade in case non-liability crypto asset is used as medium of exchange (i.e., for purchase of goods and services)

### Implementation and practical considerations (ANNEX 2)
- Classification choice implications:
  - May affect whether transactions involving non-liability crypto assets imply barter trade when used as a medium of exchange.
  - May require assumptions about the counterpart of implicit validation fees if treated as produced assets, posing implementation challenges and potential effects on bilateral asymmetries.
  - Treating non-liability crypto assets as financial assets could create inconsistencies in global totals of financial assets and liabilities, by increasing net financial positions without corresponding external liabilities.
  - Classifying as produced nonfinancial assets would add to GDP and to capital formation for countries involved in mining.

*Background note — International Monetary Fund*

### 1. Crypto assets are digital representations of value that rely on cryptography and decentralized

### The recording of fungible crypto assets in macroeconomic statistics — background note

### Definitions and taxonomy
- Crypto assets are digital representations of value that rely on cryptography and decentralized peer-to-peer architecture based on distributed ledger technology (DLT), enabling two parties to directly transact without a trusted intermediary.
- Crypto assets are divided into:
  - Fungible crypto assets: divisible and not unique (examples: Bitcoin and Ether).
  - Non-fungible crypto assets (nonfungible tokens): unique and non-divisible.
- Fungible crypto assets grouped into three broad categories:
  - a) Crypto assets designed to act as a general medium of exchange
    - with a corresponding liability (e.g., stable coins such as the USD coin that are claims on the issuer)
    - without a corresponding liability (e.g., Bitcoin and Ether) — known as non-liability crypto assets
  - b) Crypto assets that only act as a medium of exchange within a platform or network
    - with a corresponding liability (e.g., stable coins with a claim on the issuer within a platform)
    - without a corresponding liability — also part of the non-liability crypto assets
  - c) Security tokens (which always have a counterpart liability): crypto assets with characteristics of debt, equity, and derivatives
- This consultation focuses on non-liability crypto assets (e.g., Bitcoin and Ether).

### Classification options and rationales
- Option: classify non-liability crypto assets as a new type of financial asset
  - Rationale:
    - They are designed to act as a general medium of exchange; this would expand the definition of financial assets beyond financial claims to include a new separate asset class.
    - Most nonfinancial assets derive value from use in production; non-liability crypto assets do not, and their value derives from expectations they may be used as a medium of exchange.
    - Treating them as financial assets would avoid recording barter trade when used as a medium of exchange, which would otherwise affect the current account and institutional sector net lending/net borrowing.
  - Implications:
    - Activities of miners and validators would be considered provision of validation services remunerated via explicit fees and via new coins (new coins as remuneration for mining/validation).
    - Monetary classification debates (i.e., whether they are money) are considered irrelevant to whether they should be recorded as financial assets.
  - Note: Gold bullion held as monetary gold is currently the only financial asset without a counterpart liability; proponents argue non-liability crypto assets are analogous in not representing a claim on another institutional unit.

- Option: classify non-liability crypto assets as a new type of nonfinancial asset (produced or non-produced)
  - Rationale:
    - Current convention: financial assets generally require a counterpart liability (except monetary gold); non-liability crypto assets do not represent a claim on another institutional unit.
    - Many non-liability crypto assets are used primarily for speculation rather than as a medium of exchange; thus they resemble valuables/precious metals and could be treated as nonfinancial assets until they are widely used to purchase goods and services.
    - Treatment as nonfinancial assets aligns with current international accounting practice cited by proponents.
  - Implications:
    - If treated as nonfinancial assets, choice between produced and non-produced affects GDP and gross fixed capital formation for countries involved in mining or designing coins.

### Produced vs non-produced nonfinancial asset distinction
- Produced asset recording:
  - Miners (for mineable coins) or designers (for non-mineable coins) are treated as producers; newly created assets are recorded as part of gross capital formation and add to GDP.
  - Intuitively appealing for miners who become owners of mined coins; less so for non-mineable coins.
- Non-produced asset recording:
  - Treats miners/validators as providers of validation services remunerated via explicit fees and via new coins (implicit fees).
  - Validation services consumption must be allocated to users (payers of explicit fees or owners of existing coins due to dilution from new coins); recording choice affects whether payments are final or intermediate consumption and impacts GDP differently.
  - Non-produced treatment brings consistency regardless of how coins enter circulation but may require assumptions and create complications (including potential bilateral asymmetries when allocating cross-border consumption of validation services).

### Illustrative numerical examples and key differences in aggregates
- Example 1: Resident in Country A purchases 100 units of Bitcoin from Resident in Country B for US$100.
  - When Bitcoin treated as a financial asset (column 1):
    - Transactions in financial assets (crypto assets): Country A: 100; Country B: -100.
    - Transactions in financial assets (USD): Country A: -100; Country B: 100.
    - Change in net IIP: Country A: 0; Country B: 0.
    - Net lending/borrowing: Country A: 0; Country B: 0.
  - When treated as produced nonfinancial asset (column 2):
    - Imports of goods (Country A): 100 recorded; Exports of goods (Country B): 100 recorded.
    - Current account balance: Country A: -100; Country B: 100.
    - Acquisitions less disposals of non-produced nonfinancial assets recorded as  -100 (Country A) / 100 (Country B) depending on category.
    - Net lending/borrowing: Country A: -100; Country B: 100.
    - Change in net IIP: Country A: -100; Country B: 100.
  - When treated as non-produced nonfinancial asset (column 3):
    - Current account balance: Country A: 0; Country B: 0.
    - Acquisitions less disposals of non-produced nonfinancial assets: Country A: -100; Country B: 100.
    - Net lending/borrowing: Country A: -100; Country B: 100.
    - Change in net IIP: Country A: -100; Country B: 100.
  - Summary differences from Example 1:
    - Recording as a nonfinancial asset (columns 2 and 3) decreases net IIP by 100 for Country A and increases net IIP by 100 for Country B.
    - Produced nonfinancial asset option (column 2) results in a decrease of current account by 100 for Country A and an increase of 100 for Country B.
    - No change to net IIP of both countries when Bitcoin is treated as a financial asset (column 1).
    - Recording as a produced nonfinancial asset (column 2) increases capital formation by 100 for Country A and decreases the stock of nonfinancial assets by 100 for Country B.
    - Recording as a non-produced nonfinancial asset (column 3) increases the stock of non-produced nonfinancial assets by 100 for Country A and decreases it by 100 for Country B.
    - For nonfinancial asset options (columns 2 and 3), recording results in net borrowing of 100 for Country A and net lending of 100 for Country B; no impact on net lending/borrowing when treated as a financial asset.
    - Net saving remains unchanged for both countries under all options.

- Example 2: Resident in Country A imports goods of US$80 from Resident in Country C and pays with Bitcoin.
  - When Bitcoin treated as a financial asset (column 1):
    - Transactions in financial assets (crypto assets): Country A: -80; Country C: 80.
    - Change in net IIP: Country A: -80; Country C: 80.
    - Current account balance: Country A: -80; Country C: 80.
    - Net lending/borrowing: Country A: -80; Country C: 80.
  - When treated as produced or non-produced nonfinancial asset (columns 2 and 3):
    - Imports of goods recorded as 80 for Country A and exports as 80 for Country C.
    - Current account balance: Country A: 0 (column 2) or -80 (column 3) depending on produced/non-produced treatment; Country C: 0 or 80 correspondingly.
    - Transactions in financial assets (crypto assets) show 0 for the nonfinancial asset treatments.
    - Net lending/borrowing: Country A: -80 (financial asset option) versus 0 (nonfinancial options); Country C: 80 (financial asset option) versus 0 (nonfinancial options).
  - Summary differences from Example 2:
    - Recording as a nonfinancial asset (columns 2 and 3) has no impact on the net IIP of either country.
    - Recording as a produced nonfinancial asset (column 2) has no impact on the current account balance of either country—as Bitcoins are recorded as transactions in goods.
    - Conversely, when Bitcoin is treated as a financial asset (column 1) net IIP of Country A decreases by 80 and net IIP of Country C increases by 80.
    - Recording as a nonfinancial asset keeps financial assets unchanged and reduces the stocks of nonfinancial assets for Country A while increasing them for Country C; produced treatment decreases stocks of capital assets for Country A and increases them for Country C.
    - When recorded as a financial asset (column 1), Country A’s stocks of nonfinancial assets increase and stocks of financial assets decrease by 80; Country C’s stocks of financial assets increase by 80.
    - No impact on net lending/borrowing for either country when Bitcoin is treated as a nonfinancial asset; with financial asset treatment Country A becomes a net borrower of 80 and Country C a net lender of 80.
    - Net saving for both countries is unchanged irrespective of recording option.

### Key considerations for statistical recording and policy implications
- Classification choice affects:
  - Current account balances, net international investment positions (net IIP), net lending/net borrowing, and GDP and gross capital formation for countries involved in mining or issuing coins.
- Practical implementation challenges:
  - If non-liability crypto assets are recorded as non-produced nonfinancial assets, assigning consumption of validation services (explicit and implicit fees) to users, especially across borders, may be complex and could lead to bilateral asymmetries.
  - If recorded as produced nonfinancial assets, decisions are required on which actors are considered producers (miners vs designers) and how newly created assets are recorded in capital formation.
- Conceptual consistency:
  - Financial asset option aligns with treating assets whose value stems from expectations of medium-of-exchange use as financial; nonfinancial option aligns with convention that financial assets require counterpart liabilities and with current accounting treatments of valuables.
- Interim approach:
  - Where evidence suggests predominant use of non-liability crypto assets is for investment/speculation rather than as a medium of exchange, treating them as a new subclass of nonfinancial assets (produced or non-produced) is proposed until usage as a medium of exchange becomes widespread.

*Background note — International Monetary Fund*

### ANNEX 2: Options to Record Non-Liability Crypto Assets, such as Bitcoin

### ANNEX 2: Options to Record Non-Liability Crypto Assets, such as Bitcoin

### Classification framework (stocks of assets)
- Financial assets (AF)
  - AF1 Monetary gold and SDRs
  - AF2 Currency and deposits
    - of which: Central Bank Digital Currencies (CBDCs)
  - AF3 Debt securities
    - of which: debt security crypto assets
  - AF4 Loans
  - AF5 Equity and investment fund shares
    - of which: equity crypto assets
  - AF6 Insurance, pension and standardized guarantee schemes
  - AF7 Financial derivatives and employee stock options
    - of which: derivative crypto assets
  - AF8 Crypto assets designed to act as medium of exchange
    - AF81 ...with a corresponding liability, e.g., stablecoins
    - AF81 ...without a corresponding liability, e.g., bitcoins
  - AF9 Other accounts receivable/payable

- Produced nonfinancial assets (AN — Stocks of assets)
  - AN Non-financial assets
    - AN1 Produced non-financial assets
      - AN11 Fixed assets
      - AN12 Inventories
      - AN13 Valuables
        - of which: crypto assets without a corresponding liability designed to act as medium of exchange, e.g., bitcoins
    - AN2 Non-produced non-financial assets

- Non-produced nonfinancial assets (AN — Stocks of assets)
  - AN Non-financial assets
    - AN1 Produced non-financial assets
    - AN2 Non-produced non-financial assets
      - AN21 Natural resources
      - AN22 Contracts, leases and licences
        - of which: crypto assets without a corresponding liability designed to act as medium of exchange, e.g., bitcoins
      - AN23 Goodwill and marketing assets

### Pros and cons of proposed classification options
- Considering non-liability crypto assets as Financial Assets
  - Pros:
    - Consistent with the view that some financial assets (like monetary gold, money, equity, etc.) do not need to have a counterpart liability
  - Cons:
    - Consistent with the view that all financial assets (except monetary gold) should have a counterpart liability (presented as a con because of inconsistency)
    - Considering it as a financial asset (an additional exception) may open the door for other commodities to be treated as financial assets
    - Does not imply barter trade transactions in case non-liability crypto asset is used as medium of exchange (i.e., for purchase of goods and services)
    - Holdings of non-liability crypto assets may increase the country’s net financial position with the rest of the world, without any counterpart external liability, creating an additional inconsistency between total financial assets and liabilities world-wide

- Considering non-liability crypto assets as Produced Nonfinancial Assets
  - Pros:
    - Consistent with the view that miners do not actually produce coins but receive them in exchange for validation services
    - Consistent with the view that mining non-liability crypto assets is akin to a production process, and they appear for the first time in the wallet of miners
    - Adds to GDP (for the countries involved in mining) and capital formation
  - Cons:
    - Consistent with the view that all financial assets (except monetary gold) should have a counterpart liability (presented as a con because of inconsistency)
    - Inconsistent with the definition of produced nonfinancial assets and requires an expansion of, or change to, one of the categories of produced nonfinancial assets to include this specific type of digital valuables (possibly an update to the current definition of valuables)
    - Practical implementation of this treatment may require some assumptions on the counterpart of the implicit validation fee, which may pose challenges and consequently may affect bilateral asymmetries

- Considering non-liability crypto assets as Non-Produced Nonfinancial Assets
  - Pros:
    - Consistent with the view that miners do not actually produce coins but receive them in exchange for validation services
  - Cons:
    - Consistent with the view that all financial assets (except monetary gold) should have a counterpart liability (presented as a con because of inconsistency)
    - Inconsistent with the definition of non-produced nonfinancial assets and requires an expansion of, or change to, one of the categories of non-produced nonfinancial assets to include this specific type contracts (possibly an update to the current definition of contracts, leases, and licenses)
    - Leads to transactions akin to barter trade in case non-liability crypto asset is used as medium of exchange (i.e., for purchase of goods and services)

### Implementation and practical considerations
- Classification choice implications
  - May affect whether transactions involving non-liability crypto assets imply barter trade when used as a medium of exchange
  - May require assumptions about the counterpart of implicit validation fees if treated as produced assets, posing implementation challenges and potential effects on bilateral asymmetries
  - Treating non-liability crypto assets as financial assets could create inconsistencies in global totals of financial assets and liabilities, by increasing net financial positions without corresponding external liabilities
  - Classifying as produced nonfinancial assets would add to GDP and to capital formation for countries involved in mining

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_Source: https://www.imf.org/-/media/files/data/statistics/bpm6/fitt/f18-the-recording-of-fungible-crypto-assets-in-macroeconomic-statistics-background-note.pdf_