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Handling Cryptocurrency and Business

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Cryptocurrency is getting more attention than ever, but not everyone is convinced it will replace traditional centralised currency controlled by government authorities. What is crystal clear is that it provides a quicker and more protect alternative to the status quo. For many small and medium businesses, this means a shift in how they conduct business, especially when it comes to making obligations.

Adding cryptocurrency as a repayment method can have significant effects for just how companies take care of risk and business. It may demand a rethinking of core organization processes and an internal dialogue with multiple teams — including money, technology, surgical procedures, legal, and risk management.

You will discover two ways that companies can start to incorporate cryptocurrencies into their businesses. One is to allow the transaction of crypto repayments without truly bringing the digital assets onto the company balance sheet. This is typically accomplished by applying third-party distributors who take on the role of changing in and out of crypto in to fiat currency exchange for repayment. These vendors generally charge a fee for their products while as well overseeing anti-money laundering (AML) and understand your customer (KYC) compliance.

The various other option should be to fully adopt cryptocurrencies into the company’s payment systems. This requires a bigger difference in the overall operations and will very likely involve engagement with all departments — including the board, committees, finance, accounting, treasury, THAT, risk, experditions, communications, and even more. Ultimately, it is just a major commitment and should be done with a complete understanding of the complexities involved.

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