The Central Bank of Brazil has moved to the classification of crypto assets bought or sold in accordance with the recommendations of the International Monetary Fund (IMF).
Central Bank of Brazil announced
about your decision earlier this week. With new classification by standards
IMF traded cryptocurrencies will be classified as non-financial products and, as such, will be recorded as goods on the balance sheet of the central bank.
The balance sheet of the central bank, like any other bank, reflects its financial position and consists of assets, capital and liabilities. Since the purchase and sale of cryptocurrencies includes the implementation of foreign exchange contracts, the central bank takes into account the sale and purchase of crypto assets in its export and import statistics.
The classification of cryptocurrencies as a commodity is very important, note
local media. The recognition of cryptocurrencies as property can make them more suitable for use as a payment mechanism. The Central Bank notes that these classifications were recommended by the Balance of Payments Statistics Committee, an advisory committee to the IMF’s Statistics Department, which deals with the methodology of external sector statistics.
Earlier this month, Brazil’s Revenue Service obligated
citizens from August 1 to report cryptocurrency transactions. Recently, Paulo Skaf, president of the São Paulo State Industry Federation (FIESP), has expressed concerns that Brazilians might start using cryptocurrencies to evade taxes after the new regulation is adopted.