Bitcoin Cryptocurrency

PwC Hong Kong accepts Bitcoin as payment for advisory services

bitcoin PwC Hong Kong
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“Big Four” accounting firm PwC has on Thursday announced that it accepted payment in Bitcoin for its advisory services. The announcement comes in the week when two major virtual currencies Bitcoin and Ethereum reached their All-Time High marks. Earlier this week, Bitcoin breached US$ 11,000 mark for the first time while Ethereum crossed US$ 500.

Also read: The Big Bang Theory dedicates an episode to Bitcoin

PwC Hong Kong in a press release revealed that it is working with a number of entities involved in Bitcoin and the wider cryptocurrency industry. The firm is advising clients on emerging areas such as token sales ( Initial Coin Offerings), crypto exchanges, and the launch of crypto funds.

Raymund Chao, Chairman of PwC Asia-Pacific said:

“This decision helps illustrate how we are embracing new technology and incorporating innovative business models across our full range of services. It is also an indication that Bitcoin and other established crypto-currencies have now developed into more broadly accepted forms of settlement.”

PwC is the second among ‘big four’ accounting firm to accept bitcoin as payments for its services. In November 2016, EY Switzerland announced plans to accept cryptocurrencies from 2017 in a move what it termed as ‘digitalizing itself’. At the time, EY Switzerland also installed bitcoin ATMs among its offices, an installation which can be accessed by employees and the public alike.

Bitcoin Futures to debut soon

As the markets continue to be volatile, two of the world’s largest futures exchanges, CME Group and its rival CBOE Global Markets, got a regulatory nod on December 1, to launch bitcoin futures. “Bitcoin, a virtual currency, is a commodity unlike any the Commission has dealt with in the past,” said CFTC Chairman J. Christopher Giancarlo. CME Group’s Bitcoin futures will debut on December 18.

Commodity Futures Trading Commission in 2015 declared that it would treat bitcoin as a commodity while IRS classifies cryptocurrency as property not currency, and taxes it accordingly. A few days earlier, a District Court in Northern District of California ordered Coinbase to hand over details 14,000 user accounts to the IRS.