Cryptocurrency Technology and Financial Reporting

Abstract

Cryptocurrency technology is considered as smart technology that would transform our way of doing business in the near future. Its unique features are said to be far superior than our existing business technology which mainly based on cash and credit, especially in time, security and cost. Nevertheless, its entrance into the business arena has also turns our existing systems of financial reporting and taxing upside down as both systems were moulded, formulated and evolved just to suit the systems of cash and credit. Therefore, the financial regulators and inland revenue boards should come out with a new system that can properly and fairly adapt to the technology of cryptocurrency, in order to secure the imbalances between financial application and its law and order.