Crypto - MORE Positive News
Although I’ll never silence the perennial doubters I will continue to bring you positive news about the greatest financial revolution in history.
Starting yesterday, the State of Ohio will begin to accept Bitcoin in payment for over 20 kinds of business taxes.
The state is the first in the US - and one of the first governments in the world - to accept cryptocurrency. Despite all the negative claims over speed and cost, not to mention volatility, the Ohio Treasurer's website states the acceptance of crypto payments is due to security, transparency and low cost.
"Cryptocurrencies cannot be transferred to third parties without user initiation, thereby practically eliminating fraud; anyone can view all transactions on the blockchain network; payments on the blockchain can be tracked on a second-by-second basis; a minimal fee is charged to confirm transactions on the blockchain network."
Plans are afoot to add further cryptocurrencies in the near future.
As if that was not positive enough, a recent report from “Big Four” auditor, KPMG, details the key challenges facing cryptocurrencies, and importantly notes that digital assets are a “big deal.”
The report comes as institutions and corporations are becoming increasingly interested in cryptocurrencies as an investment class.
The KPMG report opens with a section titled “Crypto-assets are a big deal,” explaining that despite the markets still being nascent and small, waves of new entrants and increased public interest have led their parabolic upwards rise over the past several years, and their growth has made them “impossible to ignore.”
“In 2018, we are seeing a wave of new entrants in the market such as security token platforms, stable-coins, and even established financial services institutions that are launching crypto products and services. Crypto-assets are now impossible to ignore.”
“While volatility is certainly a problem, it is important to recognise that these assets are still fairly immature and will become less volatile as they mature.”
When Government and a big 4 accounting firm start to weigh in positively, in addition to the Head of the IMF, it is surely time to think about this space more seriously.