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Cryptocurrency is getting even more attention than in the past, but not everyone is convinced it is going to replace traditional centralised currency regulated by government authorities. What is clear is that it provides a quicker and more secure alternative to its status. For many small and medium businesses, this means a shift in how they work, especially when considering making repayments.

Adding cryptocurrency as a payment method can easily have significant implications for just how companies manage risk and treatments. It may require a rethinking of core business processes and an internal dialogue with multiple teams — including finance, technology, business, legal, and risk management.

You will discover two ways that companies may start to incorporate cryptocurrencies into their surgical treatments. One is to allow the transaction of crypto repayments without actually bringing the digital assets on to the company balance sheet. This is typically accomplished by using third-party sellers who personify the role of renovating in and out of crypto in fiat foreign money for repayment. These suppliers generally charge fees for their companies while likewise overseeing anti-money laundering (AML) and find out your buyer (KYC) conformity.

The other option is usually to fully adopt cryptocurrencies into the company’s payment systems. This requires a bigger difference in the overall surgical treatments and will probably involve engagement with all departments — such as board, committees, finance, accounting, treasury, THAT, risk, operations, communications, plus more. Ultimately, this can be a major determination and should performed with a total understanding of the complexities engaged.