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‘Big 4’ step up the Bitcoin game, EY accepts Bitcoin in Switzerland

Ever since ‘Internet of Things’ has proved itself as a prudent innovation, Big four firms have their eyes set on these innovations. The consultancy divisions of these firms are closely monitoring IOT to evaluate the possible investment opportunities for their clients. This is evident from the PwC report on IOT, released in mid-2015 exploring the unlimited possibilities and open markets for application. After the advent of Bitcoin, Blockchain technology has received no different treatment. The cryptocurrency and its underlying technology have received the same amount of attention owing to its disruptive nature. Pretty recently after Deloitte, EY made a move in Bitcoin. Let’s look into the details of how this would impact Bitcoin:

Deloitte launched ATM in September:


On Wednesday, September 7th this year, ‘Big Four’ accounting firm Deloitte has opened its first operational bitcoin ATM. The opening was quiet and took place in the downtown Toronto offices of Deloitte’s Rubix blockchain division. The bitcoin transaction machine, or BTM, is now all set to exchange digital currency for Canadian dollars. The move was intends to make Deloitte employees well acquainted with Bitcoin and Blockchain. Owing to the firm’s interest and belief in the cryptocurrency and its underlying technology, Deloitte has taken the first step towards it by this move.

EY joins the band wagon:


In a surprising move that will completely boost adoption, EY announced that their Swiss firm will soon begin accepting bitcoin. The firm also installed a Bitcoin ATM (BTM) in their main office building, next to the Hardbrücke train station in Zurich. The BTM is publicly accessible to exchange Swiss Francs for Bitcoins. The firm also gave away bitcoin wallets to all of their employees. The effort is in the direction of completely ‘digitizing’ their operations to suit the pace of the changing world.

Marcel Stalder, CEO of EY Switzerland said –

“It is important to us that everybody gets on board and prepares themselves for the revolution set to take place in the business world through blockchains, smart contracts and digital currencies.”

The impact on adoption:


Switzerland has a very amicable environment for the growth of cryptocurrency. With a well-developed bank and technological infrastructure, going cashless can definitely be the next objective for Swiss folk. KPMG has recently remarked about the same in their report “Shaping Switzerland’s digital future”. For Bitcoin, this would be a very impactful move as this would accelerate mainstream adoption. With auditing firms accepting the currency, the solution to the problem of auditing Bitcoin related transactions would become apparent.

Big Four enter the Bitcoin game: Deloitte Sets up Bitcoin ATM

Bitcoin’s price has seen a surprise boost during the second week of September. Not only did it’s price hold above $600, but has now managed to jump above the $620 levels overnight. Let’s take a closer look into some of the fundamentals that could have been the cause for prices to go up.

Deloitte Launches a Bitcoin ATM

Deloitte Bitcoin ATM
Michael Perkin tests the new BTM at the Deloitte Toronto office

On Wednesday ‘Big Four’ accounting firm Deloitte has opened and is now operating its first bitcoin ATM. The opening was quiet and took place in the downtown Toronto offices of Deloitte’s Rubix blockchain division. The bitcoin transaction machine, or BTM, is now all set to exchange digital currency for Canadian dollars.

The move by Deloitte to house a bitcoin ATM is primarily their to let its employees interact with the blockchain. The head of  Strategy and Execution at Rubix by Deloitte, Iliana Oris Valiente, said, “We see this as being an important milestone for us as an organization. It’s a move to improve accessibility and hands-on learning as first step toward greater blockchain adoption.” Bitaccess, an Ottawa-based company, manufactured the BTM and it can accept up to 1,000 bills in multiple currencies.

Italy to tax Bitcoin as currency

Italy’s top tax office is treating bitcoin as a form of currency. Agenzia della Entrate, Italy’s top tax authority, released new information this month about its treatment of digital currencies. Recently EU court ruled that value-added tax (VAT) would apply to transactions executed using the technology. The development is in line with the same ruling and would give Bitcoin the status of a currency. Italian tax officials are applying income tax to speculative uses of bitcoin, or events in which money is made during a sale or purchase. While this indicates a mainstream adoption, there are other looming factors which are flagging concerns. Analysts believe that the ruling creates a new layer of uncertainty for businesses working with the digital currency.

Accenture and EY’s Blockchain competitions

In a bid to brainstorm and fabricate implementation of Blockchain Technology, companies are hosting challenging exercises for longer durations. These exercises aim at creating blockchain solutions to real time problems confronted by Financial Institutions. Accenture is hosting its 5th annual 12- week FinTech Innovation in London. The lab intends to help startups with product and business development. Startups attending the lab will focus on fintech applications such as blockchain technology, Internet of Thingsdevices, security and risk management, and digital media. In regards to distributed ledgers, the multinational firm predicted the technology would have a significant impact on business.

EY is also throwing a six-week challenge, except this event is on distributed ledger technology. The EY Blockchain Challenge will have startups focus primarily on two distinct industry services: digital management for the entertainment sector, and energy solutions. Entrants will have access to EY’s client mentors, educational workshops, press exposure, and networking with institutional executives.