Bitcoin and cryptocurrencies will now be included in IMF indicators
The International Monetary Fund (IMF) has recognized the need to take Bitcoin and cryptocurrencies into account when assessing economic growth. In its latest publication, the organization highlighted the importance of cryptocurrencies and new technologies for the global financial system.
Global Bitcoin mining consumes as much electricity as Argentina.
According to IMF officials, cryptocurrencies must be evaluated from a public policy perspective, as this may have “significant implications for future financial stability, tax policy, and regulatory oversight.” Using comparative analysis, they noted that Bitcoin mining alone consumes as much electricity as Argentina. This underscores the importance of the new technology.
The IMF emphasized that countries need to implement methods for reporting cryptocurrency activity and its consequences, referring to the new System of National Accounts. This is a global standard for measuring economic activity. The system fully accounts for new technologies, digital services, and intangible assets.
In addition, based on the new recommendations of the System of National Accounts, countries must develop a set of indicators covering several areas, including artificial intelligence, cloud computing, digital intermediation platforms, and e-commerce.
See also: "Companies with Bitcoin and Ether crypto reserves have begun to incur losses"
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