PwC accepts its own first bitcoin payment

‘Big 4’ accounting giant decided to use bitcoin payment with its partners
30 November 2017   674

The one of the largest accounting companies PricewaterhouseCoopers (PWC) has used its first bitcoin payment for its advisory services. PwC in Hong Kong is working with a several startups which involves in bitcoin and the wider cryptocurrency industry. That's why PWC decided to accept the bitcoin cryptocurrency.

Also PwC called that it will give advice to clients about crypto funds and investments, cryptocurrency exchanges and initial coin offerings.

This decision helps illustrate how we are embracing new technology and incorporating innovative business models across our full range of services.

 

Raymund Chao

PwC Asia-Pacific chairman

PwC became the second from ‘big four’ accounting companies who accept bitcoin as payments for its services. The first firm was Ernst & Young (EY) from Switzerland which accepted bitcoin for auditing and advisory services. Also EY installed a Bitcoin ATM among its offices. EY is providing employees with a digital bitcoin wallet within its in-house EY wallet app.

Bank of America: Cryptocurrencies Are a Threat

Bank of America (BoA) has admitted to US regulators it can not pretend any longer that cryptocurrencies are not a threat
23 February 2018   75

On February 22, the report was filed with the US Securities and Exchange Commission (SEC). It listed a range of economic, geopolitical, and operational risks that the Charlotte, NC-based bank faces as it heads into the new fiscal year. Crypto adoption was on the list for the first time.

Bank of America (BoA), which recently banned purchasing of crypto with credit cards, stated that this and other similar policies could cost the bank clients.

Clients may choose to conduct business with other market participants who engage in business or offer products in areas we deem speculative or risky, such as cryptocurrencies.

The second largest bank in the U.S. said that adoption of cryptocurrencies could require the bank to make “substantial expenditures” to update its existing services and remain competitive with upstart firms.

The widespread adoption of new technologies, including internet services, cryptocurrencies, and payment systems, could require substantial expenditures to modify or adapt our existing products and services.

According to the Bank of America, cryptocurrencies could limit the institution’s ability to comply with anti-money laundering regulations.

Eventually, this is one of the first public admissions that financial institutions are beginning to worry that mass cryptocurrency adoption could one day become a reality.