Luxembourg’s branch of ‘big four’ auditing firm PwC will start accepting cryptocurrency payments as of next month.
Dated Sept 2, PricewaterhouseCoopers headed its press release with ‘Understanding the game, playing by its rules’ and further acknowledged the move of crypto payment acceptance has come in ‘acknowledging the needs of clients and the willingness of the Luxembourgish Firm to support the growing national crypto ecosystem.’
The payments service will be live to PwC’s customers from Oct 1. In order to facilitate the payments, the press release noted PwC Luxembourg has partnered with a ‘local regulated exchange’, although they did not identify who it is at this stage or which cryptocurrencies they would accept (even though Bitcoin is referenced).
The press release has been used to highlight the firm’s commitment to blockchain and its importance in the medium-long term future of the global economy. Furthermore, PwC Luxembourg is positioning itself as an early adopter of cryptocurrency payments and use.
To emphasise this point, PwC has over 400 staff working on blockchain and crypto-topics and a further 100 technical team members who are focussed exclusively on blockchain technology. PwC has also created a Center of Excellence with more than 20 blockchain developers.
Thomas Campione the Director & Blockchain & Crypto-assets Leader of PwC Luxembourg said: ‘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. 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.’
Campione also touched on the challenges AML/KYCpresent when dealing with crypto-assets and how working in the sector would better educate the firm as to the inner workings and how best to manage it.
John Parkhouse, Territory Senior Partner and CEO of PwC Luxembourg, shared his thoughts on the development and highlighted how understanding this new monetary concept is key for institutions and their clients. ‘Upskilling will be key and the capacity to build and grow the ecosystem will be at least as important to harvest the true benefits of the technology. This is true whether it is about dramatic cost-saving through process streamlining, improvement of social capital due to new decentralized business models, or by unlocking hidden-value currently stuck in the economy through tokenisation.’