Introduction

On March 20, 2025, a document from the International Monetary Fund (IMF) shook the world: Bitcoin was officially included in the "Balance of Payments and International Investment Position Manual" (BPM7), becoming an "official member" of the global economic statistical system. This seemingly obscure technical revision marks a historic milestone for cryptocurrencies as they transition from "wild growth" to "mainstream acceptance." With Bitcoin now bearing the "official ID card" issued by the IMF, the underlying rules of global capital flow are quietly being rewritten by on-chain technology…

1. Identity Revolution: Bitcoin's "National Ledger Entry Ticket"

The IMF has for the first time labeled cryptocurrencies clearly, dividing them into two major camps:

1. Digital Hard Assets: Bitcoin's "Goldification"

Cryptocurrencies without sovereign backing (like BTC) are classified as "non-productive non-financial assets," alongside gold and artworks on national balance sheets. This means that if central banks hold Bitcoin, they must disclose market value fluctuations regularly, just as they do with gold reserves.

2. Stablecoins as "Financial Instruments"

Stablecoins backed by liabilities, such as USDT and USDC, are categorized under "financial accounts," enjoying the same treatment as stocks and bonds. In the future, companies issuing stablecoins may face audit requirements similar to those of traditional financial institutions.

3. Public Chain Tokens as "Equity-like" Assets

If platform tokens like ETH and SOL are held by foreign investors, their staking returns may be defined as "primary income" (similar to overseas dividends from multinational companies), potentially affecting a country's international investment income data.

▶ Core Logic of the IMF: Using "whether liabilities are assumed" as a measure, cryptocurrencies bid farewell to statistical blind spots and are officially incorporated into the global economic monitoring system.

2. How Does On-Chain Economy "Count Towards GDP"?

BPM7 has designed a new statistical formula for cryptocurrency transactions, and these scenarios will directly impact national economic data:

• Mining as Service Export

Chinese miners providing computing power to American companies will be recorded as "computer service exports," directly boosting China's service trade surplus.

• Staking Returns = Overseas Dividends

The income earned by Japanese investors through staking ETH will be included in their country's "primary income account," alongside profits from Toyota's factories in the U.S.

• Bitcoin Trading = Capital Transfer

Transactions of BTC between Chinese and American users must be recorded under "other investments - non-financial assets," thus extending cross-border capital flow regulation to on-chain transactions.

• Transparency of National Reserves

Bitcoin held by central banks must be recorded at market value in the International Investment Position (IIP) table, officially upgrading cryptocurrencies to "sovereign asset allocation options."

3. Global Changes: Who is Reaping the On-Chain Dividends?

1. Regulatory Arbitrage Space Compressed

The IMF requires countries to establish a cryptocurrency asset declaration system by 2029, with exchanges and wallet providers needing to report transaction data to statistical departments. Anonymous coins and DeFi protocols may face "data encirclement."

2. Real-time Monitoring of Capital Flows

By tracking on-chain addresses, the Federal Reserve can monitor capital outflows through cryptocurrency channels. Emerging market countries now have a "new weapon" to control exchange rate fluctuations.

3. New Battlefield for Sovereign Games

• North Carolina, USA has legislated to allow 10% of fiscal funds to be allocated to Bitcoin;

• In South Korea, over half of investors aged 50 and above hold cryptocurrencies, disrupting intergenerational wealth distribution logic;

• El Salvador's Bitcoin bond plan has received tacit approval from the IMF, as the small nation challenges the dollar's hegemony with crypto assets.

4. Hidden Reefs Beneath the Carnival: Data Black Holes and Regulatory Paradoxes

• Volatility Trap

Daily fluctuations of over 10% in Bitcoin prices have become the norm. The IMF requires statistics to be based on market prices at the moment of trading, but such volatility may distort the authenticity of the balance of payments.

• DeFi Data Fog

Although BPM7 requires the integration of exchange data, on-chain lending and privacy coin transactions remain difficult to penetrate, with statistical errors potentially exceeding one trillion dollars.

• Compliance Dilemma

The EU is rigorously investigating exchanges for anti-money laundering, yet the IMF demands they open user data—how will the balance between business secrets and regulatory costs tilt?

5. The Next Decade: The "Taming" and Rebellion of Cryptocurrencies

• CBDC vs. Bitcoin: A Showdown Inside and Outside the System

The IMF categorizes central bank digital currencies (CBDCs) as legal tender, creating a confrontation between "regular troops vs. guerrilla forces" with Bitcoin.

• Upgrade of the National Reserve Shadow War

The Trump administration has officially included Bitcoin in the U.S. strategic reserves, transforming cryptocurrencies from a "decentralized ideal" into a geopolitical financial weapon.

• Statistical Revolution 2.0

The IMF plans to promote direct connections between on-chain data and national statistical systems by 2030, at which point every DeFi loan may enter the balance of payments accounts.

Conclusion

When Bitcoin was inscribed in the IMF's statistical manual, this financial experiment that began with cypherpunks finally broke open the iron door of the traditional economic system. However, the struggle between regulatory incorporation and technological rebellion continues—over the next decade, cryptocurrencies may walk a tightrope between "compliance" and "decentralization." The only certainty is that the code of global capital flow has been forever rewritten by blockchain.

Interactive Question: Is Bitcoin on the ledger a pie or a trap?

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。