The International Monetary Fund (IMF) has recognized the need to take bitcoin and cryptocurrency into account when assessing economic growth.
In a recent publication, the organization noted 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 need to be evaluated from a public policy perspective, as this could have "significant implications for future financial stability, tax policy, and regulatory oversight." Using a comparative analysis, they noted that bitcoin mining alone consumes as much electricity as Argentina. And this indicates the importance of the new technology.
The IMF stressed that countries need to implement ways of reporting on cryptocurrency activities and their consequences, referring to the new System of National Accounts. It is a global standard for measuring economic activity. The system fully takes into account new technologies, digital services and intangible assets.
In addition, based on the new recommendations of the System of National Accounts, countries need to develop a set of indicators covering several areas, including artificial intelligence, cloud computing, digital intermediation platforms, and e-commerce.