Big Four accounting firm PricewaterhouseCoopers (PWC) will be the second mega professional services company to offer its clients the possibility of settling their invoices in Bitcoin, the Wall Street Journal reported Thursday.
PwC is one of the famed Big Four tax and accounting companies in the world, which also includes Deloitte, EY and KPMG, all of which generate yearly revenues of over $20 billion. The step is an initiative of PwC in Hong Kong and there are no plans as of yet to roll it out across its branches globally.
PwC isn’t the first Big Four firm to adopt Bitcoin payments as Ernst & Young (EY) already enabled its clients earlier this year to pay for products and services using the decentralized cryptocurrency. Also, other professional services have been eyeing this trend for quite some time as Bitcoin and other established cryptocurrencies have now been more broadly accepted as forms of settlement.
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Meanwhile, the pro-Bitcoin push may not only aim to lower transaction costs for its advisory services but seems part of a wider strategy to promote the developments of digital products. Specifically, PwC is taking it a step further by giving advice to customers about crypto funds and investments, cryptocurrency exchanges and fundraising through token sales, or ICOs. This will include advisement on new processes, risks, regulatory policy, and tax guidelines.
Commenting on the news, PwC Asia-Pacific chairman Raymund Chao said: “This decision helps illustrate how we are embracing new technology and incorporating innovative business models across our full range of services.”