Blockchain is doing for money what the internet did for information. As a result, accountants must evolve to help their clients navigate through the revolution or else their clients will look elsewhere, says David Canedo, head of tax and compliance strategy at Accointing.com.
The irony about needing accountants who understand digital assets is that blockchains themselves are transaction ledgers with automated record-keeping—a blockchain is a giant check register. The technical properties of blockchains means data can never be deleted, only added or read, while transactions and balances can be instantly verified with 100% certainty through the protocols themselves. Because of this, blockchains can disrupt the accounting and tax industries by automating the accounting, bookkeeping, and data entry, and eventually forcing accountants to evolve.
While the industry isn’t quite there yet, today’s complexities of taxation and reporting of digital assets are creating a need for a new breed...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...