The International Monetary Fund, the United Nations, the World Bank, the European Commission, and the Organisation for Economic Co-operation and Development worked to update the new System of National Accounts (SNA) to fully incorporate emerging technologies, digital services, and intangible assets.
According to the IMF, the revised SNA will take into account digitalization, trade, government finances, and financial innovation, providing governments with better tools to guide economic growth, job creation, and crisis response. It also insisted that economies adapt to the digital transformation.
In its statement, the bank warned: "Measuring the global economy of $114 trillion must keep pace even as the rate of change accelerates. If it does not, central banks and finance ministries will end up setting monetary or fiscal policies based on incomplete, outdated, or inaccurate information."
The IMF believes that Bitcoin has real economic value, making the update of the SNA necessary.
Now in its sixth iteration, the SNA has served for almost nine decades as the international standard for tracking national metrics such as production, income, expenditure, investment, financial flows, and wealth.
