Securities and Exchange Commission, Gary Gensler. Yellen has been tracking this sector for years, although sometimes taking a skeptical view. Gensler taught classes on bitcoin, blockchains, and other cryptocurrency topics at the Massachusetts Institute of Technology in With highly knowledgeable people setting the tone for future regulations, there's real hope that a workable system can be developed for investors, consumers, cryptocurrency businesses, and traditional banks.
Informed regulators will understand crucial and meaningful issues such as the differences between a value storage system such as Bitcoin and a sophisticated ledger with smart contracts such as Ethereum. As government entities hammer out a legal framework and taxation system , cryptocurrencies could find their way into the digital wallets of U.
But even though Bitcoin became legal tender in El Salvador in , the U. The increased use of crypto should spur regulatory agencies and politicians to take action, and the blockchain systems should also benefit from widespread usage. These processes will percolate through the crypto market in and beyond.
Investors can't stand uncertainty, so even an overly strict regulatory framework is likely to be an improvement over today's ramshackle oversight. Under any combination of these circumstances, the digital currency revolution could be delayed by several years. And, assuming it finally does arrive, it might look very different from the Bitcoin-led sea change that gained momentum in In the very long run, it seems unlikely that any government or group of nations will stop the cryptocurrency idea entirely, but they can slow down the movement and steer the final product in various directions.
These risks might sound hypothetical, but they are very real. In the end, the cryptocurrency community must get along with regulators around the world. Failing to do so can throw massive roadblocks in front of the digital currency sector's progress. That's why you shouldn't bet the farm on Bitcoin, Ethereum, or crypto in general. The next heart-stopping market move could still be a negative one with echoes of the crash. Informed investors want to build a diversified portfolio for the long run that is able to withstand dramatic setbacks in any particular sector.
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Stock Advisor. View Our Services. Our Purpose:. Latest Stock Picks. By eliminating reconciliations and providing certainty over transaction history, blockchain could also allow for increases in the scope of accounting, bringing more areas into consideration that are presently deemed too difficult or unreliable to measure, such as the value of the data that a company holds. Blockchain is a replacement for bookkeeping and reconciliation work.
This could threaten the work of accountants in those areas, while adding strength to those focused on providing value elsewhere. For example, in due diligence in mergers and acquisitions, distributed consensus over key figures allows more time to be spent on judgemental areas and advice, and an overall faster process.
Blockchain has applications in external audit. This proposal would mean a profound change in the way that audits work. For example, auditing is not just checking the detail of whom a transaction was between and the monetary amount, but also how it is recorded and classified. If a transaction credits cash, is this outflow due to cost of sales or expenses, or is it paying a creditor, or creating an asset? These judgemental elements often require context that is not available to the general public, but instead require knowledge of the business, and with blockchain in place, the auditor will have more time to focus on these questions.
The move to a financial system with a significant blockchain element offers many opportunities for the accountancy profession. Accountants are seen as experts in record keeping, application of complex rules, business logic and standards setting. They have the opportunity to guide and influence how blockchain is embedded and used in the future, and to develop blockchain-led solutions and services.
To become truly an integral part of the financial system, blockchain must be developed, standardised and optimised. This process is likely to take many years — it has already been nine years since bitcoin began operating and there is much work still to be done. There are many blockchain applications and start-ups in this field, but there are very few that are beyond the proof of concept or pilot study stage.
Accountants are already participating in the research, but there is more for the profession to do. Crafting regulation and standards to cover blockchain will be no small challenge, and leading accountancy firms and bodies can bring their expertise to that work. Accountants can also work as advisers to companies considering joining blockchains themselves, providing advice on weighing the costs and advantages of the new system.
The parts of accounting concerned with transactional assurance and carrying out transfer of property rights will be transformed by blockchain and smart contract approaches. The reduction in the need for reconciliation and dispute management, combined with the increased certainty around rights and obligations, will allow greater focus on how to account for and consider the transactions, and enable an expansion in what areas can be accounted for.
Many current-day accounting department processes can be optimised through blockchain and other modern technologies, such as data analytics or machine learning; this will increase the efficiency and value of the accounting function.
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