PwC Luxembourg has announced that, from 1 October 2019, it will be accepting Bitcoin payments from its clients.
Starting next month, the Luxembourgish firm will be accepting cryptocurrency in an attempt to meet the needs of clients and support a growing national crypto ecosystem.
Since its launch ten years ago, Bitcoin has been the subject of much controversy. Whilst PwC has acknowledged the disruptive nature and shortcomings of cryptocurrencies, the firm has nevertheless confirmed its belief in the underlying technology as a medium- to long-term standard in the economy.
Commenting on this step further into blockchain and crypto-assets, 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". He added: "Our role is to lead and it is only by being an active leader with exposure that we at PwC Luxembourg can understand the challenges inherent to the crypto world".
The firm has acknowledged the challenges of this move and has reviewed its internal policies and procedures to meet the standards required by the crypto industry as well as closely collaborated with a local regulated exchange to provide the best payment experience.