In May this year, the Ministry of Finance published a statement on the accounting and reporting of digital currencies, based on the Czech National Bank’s opinion of trading bitcoins (one of the forms of digital currency). According to the Czech National Bank, bitcoins are not considered cashless funds or electronic money. In addition, the Czech National Bank states that they neither have the nature of a security nor of a derivative and, therefore, they do not display the features of an investment instrument. Following this opinion and due to the growth of digital currencies, despite the different motives of holding and using digital currencies, the Ministry of Finance recommends uniform accounting and reporting, as stock (inventory) “of its kind”, i.e. as goods, products or incomplete production. The inclusion of digital currencies among stock (inventory) implies that exchange rate differences will not be entered into accounting and that payment in the digital currency will be considered as an exchange for another value rather than as monetary payment.
The Ministry also indicated that this statement reflects the current situation and that further adjustment will depend on the development of the digital currencies themselves.
