Bitcoin payments to be accepted by PwC Luxembourg

One of the world’s largest audit and tax management advisory companies PwC Luxembourg has confirmed that it will start accepting Bitcoin payments from Oct 01.

At a time when industry experts are engaged in heated debates over arguable Bitcoin adoption rate, several big corporations are taking the plunge and committing themselves to explore endless opportunities offered by cryptocurrencies.

One such multinational firm, PwC Luxembourg, with industry-focused assurance in audit consultancy and tax management services, has fixed on Bitcoin payments as a value-added service.

 

In a press release from yesterday, the Luxembourg-based professional services company has announced its partnership with an unnamed local cryptocurrency exchange to facilitate Bitcoin payments for the services extended.

Although it is not clear which coins will the “Big Four” accounting firm accept, PwC Luxembourg acknowledges the challenges that come with cryptocurrency payments.

Bitcoin payments – the future of payments

In its press release, PWC Luxembourg’s Blockchain & Crypto-assets Manager, Thomas Campione, states that the firm, upon careful consideration of cryptocurrency payments and the possible risks associated with it, has decided in favor of Bitcoin payments. It will closely work with the cryptocurrency exchange to enhance the overall user experience.

Campione is also optimistic about the kind of exposure cryptocurrencies will offer. The unpredictability and possibilities of the decentralized currencies will provide a great learning experience for the firm, according to Campione.

He furthers his point by stating that the only way to correctly predict the impediments despite complying with KYC and AML procedures and the uncertainties associated with custodial services is to implement it in everyday activities. 

PwC’s fascination with cryptocurrencies

Meanwhile, PwC’s keen interest in cryptocurrencies has long been known since it emerged as one of the biggest employers in the crypto community space. Today, it employs over four hundred employees in blockchain and cryptocurrency-related jobs.

In its bid to stay relevant and make the most of the trending blockchain technology, PwC, in June, designed an auditing tool, Halo, explicitly for its cryptocurrency users. The highly advanced auditing solution detects process inefficiencies and scrutinizes transactions prone to higher risks.

PwC’s move is seen as the firm’s commitment towards serving different needs of its customers and become an integral part of the growing cryptocurrency ecosystem. In Bitcoin, it sees a robust decentralized model that effectuates an efficient channel for peer-to-peer payments.