Acca has issued a warning against Bitcoin and other cryptocurrencies

Bitcoin is not stable

0 1,816

The Association of Chartered Certified Accountants (Acca) has asked its Irish members to keep updated about the fast-growing cryptocurrency market which includes Bitcoin. One of Acca director’s Maggie McGhee said that they were concerned about Bitcoin’s pseudonymous nature which was giving rise to illegal activities like terror funding and money laundering.

McGhee is very concerned about Bitcoins volatility which she said makes it very unstable adding that it could be funding a bubble in different areas like ICO’s with many speculators going after poorly formed business proportions. The director is however very supportive about Blockchain which is the underlying technology for Cryptocurrencies.

According to her: “Blockchain technology which is Bitcoin’s underlying technology has the ability to revolutionize how financial transactions are done which will bring a positive impact ob business all over the world. The potential of Blockchain should, however, be viewed differently from digital currencies.”

Aidan Clifford who is the Ireland Acca director has warned the citizens of the state that Bitcoin could be very attractive for money laundering among criminals. According to him: “Ireland is having a high risk when it comes to money laundering associated with cryptocurrencies and the crime may easily go undetected.”

“Digital currencies may bypass all the current controls because of the ending challenges affecting Brexit. As an important line of defense, it’s important for all accountant to have knowledge about cryptocurrencies. This is because Bitcoin and the other currencies are easily regarded as assets.”

In the meantime, Google has stated that it will ban all adverts related to cryptocurrencies starting from June this Year. Under their new policy that plans to ban ads for all unregulated or even speculative financial products like Betting and cryptocurrencies. This has followed a similar move by Facebook which also banned all services tied to digital currencies and ICO’s. The policy was said to cut across all platforms related to Facebook which include Facebook, Instagram and Audience Network.

You might also like