PricewaterhouseCoopers (PwC), one of the largest auditing and advisory firms in the world, is set to start accepting Bitcoin officially. Its Luxembourg branch is testing it in a possible bid to expand to the rest of the firm’s branches in the future.
PwC Luxembourg will soon start accepting Bitcoin payments in an unprecedented move by the company into the cryptocurrency space. The branch will accept the leading cryptocurrency beginning on October 1st, 2019.
PwC Goes Long on Bitcoin
In a statement released Monday, PwC Luxembourg spoke highly of Bitcoin’s potential. “Looking beyond obvious challenges, the Luxembourg firm strongly believes in the underlying technology as a medium to long-term standard in the economy and strives to position itself as an early adopter,” the firm writes.
PwC Luxembourg also said that it is accepting Bitcoin after “a strong reflection of carefully listening to the growing demand from the market.”
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The acceptance of Bitcoin aligns PwC Luxembourg with the branch’s long-term commitment to blockchain technology. The firm plans to release various blockchain products, including an auditing tool for the cryptocurrency space along with ‘smart trace’ and ‘smart credentials.’ Thus far, PwC has some 400 staff members exclusively working on blockchain cryptocurrency-related topics.
Given the firm’s increasing interest in blockchain, it was only natural for it to start accepting Bitcoin. According to PwC Luxembourg blockchain director Thomas Campione, “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.”
One of the ‘Big Four’ Accounting Firms
PwC is considered one of the ‘big four’ accounting firms delving into the blockchain industry. Given that such large players are betting on the sector long-term, it’s safe to stay that Bitcoin and the rest of the market have reached much of the institutional acceptance it has been aspiring to.
Do you believe PwC will soon allow Bitcoin payments among all its branches worldwide? Let us know your thoughts below in the comments.
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