PWC ENDORSES BITCOIN
With ever-changing technology and wide spread use of internet, an increasing number of businesses is relying on online transactions.
The world is gradually moving to adopt a parallel system of exchange for settling transactions.
A cryptocurrency is a virtual online resource used as an instrument of settlement backed by a system which records the individual entitlement or worth of the ‘coin’ owned, maintained in a digital account in the form of a database.
The system features robust security architecture to ensure the accuracy and integrity of operating transactions and records; to monitor the growth in entitlements; and to regulate and confirm the transfer of coins from one owner to another.
Some of the leading cryptocurrencies in operation today are Bitcoin, Litecoin, Ethereum, Polkadot, Stellar, Chainlink, Binance Coin, etc. Bitcoin, by far, is the most widely-used cryptocurrency.
The recognition of cryptocurrencies crossed another milestone when PricewaterhouseCoopers (PWC), a leading accounting firm of the world, acknowledged Bitcoin and received a payment against its advisory services through that medium.
With increasing number of cryptocurrency and blockchain technology service providers, as well as the users, among its clientele, PwC also accepted a payment through Bitcoin in Hong Kong. According to a report in Wall Street Journal, PwC’s Hong Kong office informed that it is already working with a number of new businesses focused on the fast growing cryptocurrency sector, which convinced it to recognize and be a part of the system.
Not surprisingly, PwC also revealed that it has now ventured into advisory services for transactions and investments in crypto funds, cryptocurrency exchanges and initial coin offerings – a new but logical form of raising funds in cryptocurrency world.
Raymund Chao, Chairman of PwC Asia-Pacific said in this regard that this decision would show PwC’s readiness for adapting to new technology and integrating new concepts in its portfolio of services. He also observed that Bitcoin and other reputable cryptocurrencies have evolved into widely accepted
The recognition of cryptocurrencies crossed another milestone when PricewaterhouseCoopers (PWC), a leading accounting firm of the world, acknowledged Bitcoin and received a payment against its advisory services through that medium.
With increasing number of cryptocurrency and blockchain technology service providers, as well as the users, among its clientele, PwC also accepted a payment through Bitcoin in Hong Kong. According to a report in Wall Street Journal, PwC’s Hong Kong office informed that it is already working with a number of new businesses focused on the fast growing cryptocurrency sector, which convinced it to recognize and be a part of the system.
Not surprisingly, PwC also revealed that it has now ventured into advisory services for transactions and investments in crypto funds, cryptocurrency exchanges and initial coin offerings – a new but logical form of raising funds in cryptocurrency world.
Raymund Chao, Chairman of PwC Asia-Pacific said in this regard that this decision would show PwC’s readiness for adapting to new technology and integrating new concepts in its portfolio of services. He also observed that Bitcoin and other reputable cryptocurrencies have evolved into widely accepted alternate mediums of settlement.
PwC is the second ‘Big-4’ global firm of accountants, after Ernst & Young (EY) to recognize Bitcoin for receiving remittances against its services. EY-Switzerland took the initiative in 2017 as the first accounting firm that has received fee for its services in Bitcoin. Facilitating its employees through its internal wallet app with in-built digital Bitcoin wallet, EY also set up ATMs specific to Bitcoin at a number of its locations. EY viewed transacting in Bitcoin as an important feature of its digitization plan.
It is worth noting that while the financial institutions understandably didn’t wait much to jump on the cryptocurrency bandwagon, the trend is now gradually attracting other business organizations as well.
In 2017, the worldwide leading owner of multiple exchanges and market indices, CME Group introduced its Bitcoin futures contracts product. Nasdaq which is the second largest exchange in the world, also launched its bitcoin futures product 2019. These developments depict a growing interest in cryptocurrency instruments among the derivative markets.
Characteristically, cryptocurrency does not come in tangible form and usually, is not governed by an authorized regulator. Unlike the prevalent legal tenders and conventional methods of their dealings through federally monitored banking systems, cryptocurrencies are controlled in dispersed manner where they work through distributed ledger technology, the example being a block-chain that functions as an online secure database of financial transactions.
The nature of currency and how it is seen as an instrument of exchange will determine its value and acceptance on a wider scale. Cyber Security will play a critical role in making the bitcoin a more trustworthy and reliable mode of wealth exchange. Once a perception of true and safe currency is attached to bitcoin—courtesy of cyber security professionals—more people will make it a part of their lives.