PwC’s Luxembourg business will now accept the cryptocurrency as payment from clients

The firm, which is the largest professional services business in the country, will accept Bitcoin from October 1.

PwC Hong Kong became the first of the Big Four to accept Bitcoin in 2017.

In announcing the move, PwC Luxembourg said it “acknowledges both the disruptive dimension as well as the current shortcomings of cryptocurrencies”.

“As part of the firm’s market assessment, what quickly became clear is that we could not continue to invest in the field, promote it, build solutions for clients and support their transformation while not also being exposed to it, said Thomas Campione, director, Blockchain & Crypto-assets leader, PwC Luxembourg.

“Our role is to lead and it is only by being an active leader with exposure that we at PwC Luxembourg can understand the challenges inherent to the crypto world. It is very difficult to properly appreciate the challenges of AML/KYC-enhanced due diligence in a world made of public/private keys, with the complexity and risks of custodial solutions, or to comprehend the decentralised finance ecosystem growing “next door” without being exposed to it in its day-to-day activities,” he added.

PwC says it has more than 400 staff working on blockchain and crypto-topics globally, including more than 100 technical team members focusing exclusively on blockchain and 20 developers working in its Centre for Excellence.