- PwC Luxembourg plan to accept cryptocurrencies as payment from October
- First of the Big-Four firms accept Cryptocurrencies
- PwC Luxembourg along with PwC HongKong are the only auditing firms to do so
PwC announces plans to accept Bitcoin
Alas, mainstream financial and government institutions have begun embracing blockchain and cryptocurrencies. PwC, a well-known auditing firm offering multinational financial services with offices all around the globe is also currently the second largest ‘Big Four’ auditing company in the world. They have held this record for the past seven years.
PricewaterhouseCoopers announced in a press release that it would start accepting payments made using cryptocurrencies from clients beginning from 1 October, 2019.
PwC Luxembourg is stepping further into blockchain and crypto-assets by accepting Bitcoin payments from its clients as from 1 October 2019, in a move acknowledging the needs of clients and the willingness of the Luxembourgish Firm to support the growing national crypto ecosystem.
The Luxembourg division claims to believe that the underlying technology behind cryptocurrencies will soon be a standard in the economy, and PwC plans to emerge as an early adopter. PwC Luxembourg also claims that this move follows the growing demands of the market, with many of their clients wanting to offer a secure payment alternative that evolves with the economy.
Holding a vision longer than most experts in the same field, Thomas Campione, Director and Blockchain & Crypto-assets Leader at PwC Luxembourg, stated: “As part of the firm’s market assessment, what quickly became clear is that we could not continue to invest in the field, promote it, build solutions for clients and support their transformation while not also being exposed to it”.
Historically, PwC has been readily embracing the ‘Bitcoin Wave’ better than most. Previously, PwC was also the first firm to provide a format for cryptocurrency auditing, They have been actively researching into the sector since 2014 and have put out several research papers and guidelines for their customers. This announcement from PwC Luxembourg is their first step towards building a set of PwC products, catering to the audience in desperate need of Blockchain based services.