From next month, the Luxembourg office of renowned consultancy firm PwC will be handling payments in bitcoins (BTC). According to the firm, “Bitcoin has delivered on its promise. It is the first peer-to-peer payment mechanism that cannot be compromised and is based on a decentralised trust model. As a result, customer demand for Bitcoin payments has grown steadily over the years.
As Thomas Campion, Head of Blockchain and Crypto at PwC Luxembourg, explains, “It quickly became clear that we could not continue investing in this area, promoting it, developing solutions for our clients and supporting their transformation without being exposed to it.
He adds that “it is very difficult to properly assess the due diligence obligations of AML/KYC in the world of public and private key, let alone the complexities and risks associated with deposit solutions. It is also not easy to understand the growing decentralised financial ecosystem without being exposed to it on a daily basis.
That’s how the popular audit and advisory firm decided to enter the world of cryptocurrencies. Through PwC Luxembourg, interested clients will be able to make their payments in Bitcoins from 1 October 2019. The auditing and consulting giant will integrate Bitcoin payments via a local crypto exchange.
Bitcoin payments support PwC’s global strategy for blockchain-related PwC products
As the press release explains, the announcement is one of the pillars of the firm’s strategy. It “is built around PwC branded blockchain products”. The firm has also been working on a number of other products related to the blockchain and virtual asset world. PwC has more than 400 employees worldwide working on these projects. Of these 400 employees, around 100 work exclusively on blockchain technology.
Bitcoin currently stands at around $10,500.
The price of Bitcoin has risen sharply since the beginning of the week. According to Coinbase, the price has risen from a low of $9,756 to a high of $10,770.
After bouncing from the $9389 level at the end of August, BTC has broken its downtrend line. Prices picked up after the breakout. They went to the $10,000 level. It then moved towards the 50-day moving average and resistance at $10,772.
Some believe that this recent rise is the beginning of a future upward cycle. After breaking above $10,772. Prices could move towards resistance at $11,466. They could even continue to rise towards the key level of $12,000 and $13,000.