PWC, A Large-Scale Accounting Corporation Develops Software to Balance Audit of Cryptocurrency Transactions and Assets

PwC, one of the largest U.S. accounting firms, said it developed software to audit cryptocurrency transactions.

With the World Financial Supervisory Commission focusing on money laundering and prevention of offering anti-terrorism funds--priority concerns for the cryptocurrency market, the development of PwC's cryptocurrency transactions or software for inspecting the balance of cryptocurrency assets is expected to have a significant impact on the stabilization of the cryptocurrency market.

The proposed software has two visible strengths in cryptocurrency industry.

First, the software combines private keys with public addresses so that companies can keep them independently. In other words, it enables individuals to clarify who owns each cryptocurrency.

Second, the software corresponds to blockchain management. It is said that information regarding cryptocurrency transactions in blockchain and balancing cryptocurrency assets can be collected safely without the entity relying on third parties.

The software will allow them to participate in new areas of blockchain or cryptocurrency, even if they are not audited. It is also said that the software could be useful in the process of actually acquiring reports for accounting audits or warranties.

At this point, there are eight categories of cryptocurrency or tokens that can be audited by this software.

- Bitcoin.

- Etherium

- Ripple (XRP)

- Light Coin

- Bitcoin Cash

- Bitcoin Gold

- Bitcoin Diamond

- OAX (ERC20)

James Chalmers from PwC accounting firm said it is important to follow the changes in technology in the market. He also added that when new technology is created, tools should be developed to meet the diverse needs of people. It will be critical to understand how this software can be used by companies or legal enforcement agencies in the future.

In fact, the Financial Action Task Force is scheduled to announce its regulatory guidelines on global regulation of cryptocurrency transactions, such as money laundering and fraudulent transactions on the upcoming 21st. PwC's software program is expected to be an important part of the overall market for cryptocurrency in a bid to ensure compliance.

 

Reporter Gina Lee (news@dailycoinews.com)의 기사 더 보기

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