In an upbeat report by professional services firm PwC Luxembourg, 61% of the 123 Luxembourgish financiers are “starting or planning to embark on a cryptocurrency journey”.

The report follows the decision of rival professional services firm KPMG Canada to add Bitcoin (BTC) and Ethereum (ETH) to the treasury. The Big Four seem to be preparing for cryptocurrency.

Thomas Campion, Head of Blockchain and Crypto Assets at PwC Luxembourg, told Cointelegraph that “for years, traditional players have been skeptical about cryptocurrencies.” He added that a potential combination of “brand issues” and poor communication may have stymied the Chamber’s growth in the past.

However, negative feelings can be in the way. Campion told Cointelegraph:

“However, it has become clear that 2022 will be a pivotal year in terms of crypto governance.”
The report states that “the speed of the global crypto-asset industry is undeniable” and attempts to use Luxembourg as a “lens” through which to better understand the new asset class.

Luxembourg, the world’s only Grand Duchy, is a small European country that excels in its heft in financial services and the blockchain industry. In 2021, the Prime Minister announced his desire for Luxembourg to become a “digital pioneer” in blockchain.

Crypto OG recalls that PwC Hong Kong began accepting payments in BTC in 2017. Campion told Cointelegraph that PwC Luxembourg launched the same operation in 2019.

Related: Bitcoin Price Approaches $44,000, Analyst Asks “Who’s Selling Here?”

While the report cites energy consumption, anti-money laundering, and “regulatory fragmentation” as issues facing the cryptocurrency industry, one-fifth of the companies surveyed in the report already consider “crypto assets a strategic priority.”

Champion concluded:

“Given that Luxembourg is the second largest hub for mutual funds in the world, these results clearly set the tone for what you can expect in the market in the near future.”

Source: CoinTelegraph

LEAVE A REPLY