If you have not invested in cryptocurrency, now would be a good time to start. Accountants are becoming more and more acceptant of cryptocurrencies and this is evident in big four accounting firm Ernst & Young moving towards cryptocurrency and acquiring the necessary software to allow for their clients to invest in it.
This software will allow for tax and accounting in cryptocurrency to be handled. This will make things easier for the accountant as it was once a concern that cryptocurrency would be difficult to keep record of. It was a wise decision on their part to acquire such software as EY claims that it has become more popular among their clients.
PwC is among the big four to invest in this type of software and move towards helping their clients manage cryptocurrency.
The software that EY is using is called Elevated Consciousness and was started in Silicon Valley. By acquiring this software EY will be able to help their clients invest in crypto assets. Cryptocurrency could potentially completely change how business is done in future.
According to XBT, the leader of the Foundry states:“I look forward to all the opportunities in tax and accounting that this technology will afford our clients and professionals in such a dynamic and exciting market.”
Even banking groups such as Barclays and Citigroup to name a few are trialing block chain technology and we hope to see them take part in cryptocurrency in the future. Large investment banks plan on creating solutions to manage currencies such as Bitcoin for their clients. Hopefully banks and accountants in South Africa take the wise decision to move in this direction with the rise of cryptocurrency within the country.
Will more businesses start moving towards cryptocurrencies now that the big four are accepting of and allowing for the management of such currencies?