Brazil Central Bank Classifies Crypto Assets
The Central Bank Of Brazil Uses IMF Guidelines For Its Crypto Classification
Brazil Central Bank Classifies Crypto Assets Using IMF Guidelines
The central bank of Brazil recently adopted the International Monetary Funds guidelines to classify crypto assets.
Under the new classification, and guidelines, traded crypto will be classified as non-financial products, and it will reflect as goods on the central bank’s balance sheet.
The balance sheet usually has a break down of assets, liabilities, and equities, while also giving a summary of the bank’s financial position.
Since trading crypto requires the use of foreign exchange contracts, the central bank considers trading crypto assets in their export and import statistics. This move helps to lower trade surplus on the balance sheet due to the fact that Brazil is a net importer of crypto assets.
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The Importance Of Crypto On Brazil Central Bank Balance Sheet
Classifying cryptocurrencies as goods will be very beneficial in the short and long run. Such recognition of crypto as a property means they can be utilized for payments. This will come as good news to crypto enthusiasts in Brazil and the world at large. Hopefully, in the near future, more nations will adopt Brazil’s methodology.
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