Copy link
Increase text size
Decrease text size
Link copied

Central Bank of Brazil classifies cryptocurrencies in line with IMF guidelines

Tue, 27 Aug 2019, 05:32 am UTC

The Central Bank of Brazil (BCB) is moving to classify the buying and selling of crypto-assets according to the guidelines issued by the International Monetary Fund (IMF), Cointelegraph reported.

According to the announcement dated August 26, the BCB said that in line with the IMF guidelines, traded cryptocurrencies will now be classified as non-financial products and therefore, will be accounted as goods on its balance sheet.

The Balance of Payments Statistics Committee, an advisory body on external sector statistics methodology to the IMF Statistics Department, in its paper, entitled “Treatment of Crypto Assets in Macroeconomic Statistics,” recommended that Bitcoin-like crypto assets (or BLCAs) should be classified as produced nonfinancial assets as a distinct sub-category under valuables.

“These assets come into existence as outputs of a production process (i.e., through mining and/or project development) under the control, responsibility, and management of a specific institutional unit using inputs of labor, capital, goods, and services,” the paper reads.

“The resulting output is owned by an institutional unit and can be transferred from one institutional unit to another by engaging in transactions on markets. Further, asset holders do not have claims on other institutional units. These characteristics support the recommended classification of BLCAs as produced nonfinancial assets.”

The central bank explained that as purchase and sale of crypto assets involves the execution of foreign exchange contracts, it will consider selling and buying of crypto assets as the export and import statistics of goods.

“Brazil has been a net importer of [crypto assets], which has contributed to reducing the trade surplus in the balance of payments goods account,” it added (via online translation).

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $9,868.52 (+2.49%)
  • Ethereum (ETH) $270.17 (+3.39%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $394.62 (+5.91%)
  • Bitcoin SV (BSV) $293.07 (+4.90%)
  • Bitcoin (BTC) $9,868.52 (+2.49%)
Feb 21, 2020 (Friday)
12:01
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
12:00
Brazil to launch new payment system in response to cryptocurrencies
11:59
Digital currency exchange Coinbase Pro lists Kyber Network token
11:57
Norwegian Air to soon start accepting crypto payments
10:21
Swedish central bank begins CBDC pilot with Accenture
09:51
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
14:16
Telecom companies complete cross-carrier mobile payments using blockchain
11:53
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
11:00
South Korean ICO project discontinued, to return $7.5M to token holders
10:36
Samsung maintains crypto support in soon-to-launch Galaxy S20
09:41
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
09:15
Coinbase becomes first crypto company to receive Visa principal membership
08:59
Dubai Economy and six banks launch KYC Blockchain Consortium
08:26
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
07:12
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
06:13
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
05:02
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
04:56
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
04:35
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft