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Press Release: 2018 MIGHT BE THE BEST YEAR FOR BUSINESSES TO INTEGRATE CRYPTOCURRENCIES

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Business

Digital currencies are expected to grow considerably this year.

WireService.ca Media Release (02/28/2018) Ontario, ON - Despite the ups and downs of the market, cryptocurrencies keep growing in popularity, but most companies are still learning about this new decentralised digital cash system and many are not yet convinced about integrating it into their business. However, experts say that now it's the right time to integrate them.

"The number of users and merchants is set to increase sharply in 2018," said Julian Hosp, co-founder of TenX and blockchain expert, to CNBC. According to him, the improving scalability, initial coin offerings, regulations, usability, and institutional investors will make 2018 a stellar year for cryptocurrencies.

For Kingsley Advani, blockchain researcher and early-stage investor, adopting cryptocurrencies this year can be especially beneficial for entrepreneurs, as they are "well positioned to become early adopters of blockchain technology." He explained in a recent publication that Cryptocurrencies provide an ideal platform for small companies to raise capital quickly, cheaply and efficiently.

With more businesses accepting cryptocurrencies in 2018, it's crucial for companies to learn about this system and think about the consequences it has on their accountability. "Cryptocurrencies are affecting the work of accountants and businesses, and blockchain technology may represent the next step towards an accounting revolution," said Rahul Maingi, Management Consultant at Virtuous Bookkeeping.

Businesses need to educate themselves and find services that can respond to the changes 2018 is bringing in. Some of the main aspects that businesses have to consider are:

  • How to value them in terms of accountability
  • Taxation in Canada and legal implications
  • Security measurements and risks
  • Best practices and how to monitor performance

About Virtuous Bookkeeping

Virtuous Bookkeeping provides outsourcing solutions to small and medium-sized businesses. Services provided by the company include payroll processing, bookkeeping, credit card reconciliation, financial reports and invoice processing. The team has more than 30 years of combined experience in accounting and business process outsourcing. Virtuous serves more than 500 clients nationwide.

Contact

Virtuous Bookkeeping
1-888-807-5009
info@virtuousbookkeeping.com

 


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