PwC in Hong Kong has for the first time accepted payment in Bitcoin for its advisory services.

The firm said it is increasingly working with companies in the digital asset and crypto-currency sector, and as such believes that accepting such payments will evolve into an element of doing business in the normal course. 

PwC in Hong Kong decided that accepting payment in Bitcoin and other established crypto-currencies would complement the firm’s advisory work with a range of clients in the broader crypto space. This includes advice in areas such as token sales (also referred to as Initial Coin Offerings, or ICOs), crypto exchanges, and the launch of crypto funds.

‘We are pleased to now be in a position to accept crypto-currencies as a form of payment for our services,” said Raymund Chao, chairman of PwC Asia-Pacific. ‘This decision helps illustrate how we are embracing new technology and incorporating innovative business models across our full range of services. It is also an indication that Bitcoin and other established crypto-currencies have now developed into more broadly accepted forms of settlement.’

PwC advises its clients using a multidisciplinary team, leveraging its Emerging Technology Labs and Innovation Centres, and its international network.  Advisory work includes strategy consulting, technology advisory, risk management, governance and internal controls, taxation and accounting projects.

Bitcoin and Ethereum are two of the most widely recognised crypto-currencies in an increasingly crowded field. The Chicago Mercantile Exchange and the Chicago Board Options Exchange have both announced plans to launch Bitcoin futures contracts, which will allow investors to hedge against movements in the currency.

‘Disruptive digital products and services that have been developed through Blockchain, such as crypto-currencies or PwC's supply chain trust solution, are already transforming existing businesses in many areas, and it's still relatively early days for this technology,’ said Andrew Watkins, chief technology and disruption officer, PwC China and Hong Kong. ‘PwC is committed to being at the forefront of these exciting developments.’

Report by Calum Fuller