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) $37,684.00 (-4.46%)
  • Ethereum (eth) $2,323.25 (-5.03%)
  • Tether (usdt) $1.00 (+0.07%)
  • Binance Coin (bnb) $352.44 (-2.29%)
  • Cardano (ada) $1.48 (-3.66%)
  • Bitcoin (btc) $37,684.00 (-4.46%)
Jun 18, 2021 (Friday)
06:51
CRYPTOBANK’s CBANK Token To Be Listed On Hoo.com
02:30
Crypto Market Sentiment On Jun 18: Market In "Extreme Fear"
02:00
BTC Tops List Of Crypto Net Outflow With $553.46 Mln In Past 10 Hours
Jun 17, 2021 (Thursday)
20:12
BTC Surges by 1.05% Within 5 Mins, Marking 37,733.19 USDT
17:21
BTC Drops by 1.16% Within 5 Mins, Marking 37,834.09 USDT
09:41
TriumphX Publishes NFT In Partnership With Artist HANJUNGSUN
02:30
Crypto Market Sentiment On Jun 17: Market In "Fear"
02:00
BTC Tops List Of Crypto Net Inflow With $233.17 Mln In Past 10 Hours
Jun 16, 2021 (Wednesday)
20:15
BTC Surges by 1.05% Within 5 Mins, Marking 38,856.33 USDT
18:01
BTC Drops by 1.21% Within 5 Mins, Marking 38,668.43 USDT
16:01
BTC Surges by 1.01% Within 5 Mins, Marking 38,805.42 USDT
13:25
BTC Surges by 1.03% Within 5 Mins, Marking 39,420.3 USDT
11:08
BTC Drops by 1.09% Within 5 Mins, Marking 39,300.01 USDT
07:53
NFTMart Inks An Agreement With FM Gallery
04:36
BTC Surges by 1.01% Within 5 Mins, Marking 40,330.4 USDT
03:35
TriumphX Dismantles Game Business Department Due To Stricter Regulations Of Game NFT Government
02:55
DeFi Options Protocol Asteria Reaches A Strategic Partnership With Crypto Investment Platform For Financial Institutions Diversifi
02:00
BTC Tops List Of Crypto Net Inflow With $111.76 Mln In Past 10 Hours
Jun 15, 2021 (Tuesday)
20:04
BTC Drops by 1.07% Within 5 Mins, Marking 39,539.91 USDT
19:26
BTC Drops by 1.57% Within 5 Mins, Marking 39,913.74 USDT
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft