US Federal Accounting Standards Advisory Committee to Treat Seized Crypto as ‘Non-Monetary Property’

PANews reported on June 23 that according to Bitcoin.com, the U.S. Federal Accounting Standards Advisory Board (FASAB) stated that seized crypto assets should be considered "non-monetary property" and central bank digital currencies (CBDCs) should be considered monetary instruments. FASAB said that cryptocurrencies "generally do not have all the characteristics of currencies," emphasizing that they "cannot effectively serve as units of account, mediums of exchange, or means of storing value."