Bitcoin News

Top professional services firms, including EY, PwC, and KPMG, are currently hiring hundreds of blockchain and cryptocurrency experts to offer auditing services to companies involved in the loosely regulated sector, the Financial Times reported on Oct. 29. Auditors Grapple with Crypto and Blockchain Despite a prevailing lack of consensus on how digital assets should be accounted for and the overall negative sentiment large financial institutions have towards cryptocurrencies in general, major accountancy firms don’t shy away from providing services to companies in the sector. Companies such as EY, PwC, and KPMG are ramping up their by hiring specialized staff and developing their own in-house technologies to support the crypto audit process. The main reasoning behind the overwhelming support the industry has gotten from the auditors stems from their belief that businesses will continue to use the blockchain technology underpinning it even as the hype around cryptocurrencies die

Russia’s former Minister of Economics and Trade, Herman Gref, has spoken out in favour of cryptocurrencies and their transformational nature as a future threat to the financial sector’s status quo. Gref, who was Russian Economics minister between 2000 and 2007 is CEO and Chairman of the Executive Board of the largest Russian bank Sberbank. In a recent forum, he suggested that over time centralised money supply models would give way to new innovations. However, Gref did suggest that such change would take time and certainly wasn’t imminent, although he felt that blockchain adoption was a much nearer prospect.  Cryptocurrency adoption would, in his view, take another decade before it could offer a challenge to current banking systems , commenting that, as yet“… it’s not likely that any state is ready to part with the centralised money supply model.” Talking of DLT the ex-minister suggested that the significance of the new technology is starting to find its way into financia