Blockchain technology, cryptocurrencies and transforming accounting fees

Abstract

This study investigated the accounting treatment of Bitcoin, considering whether it should be classified as an asset or a currency. The study also explored the role of blockchain technology in promoting transparency and the potential separation of blockchain from Bitcoin. The study found that cryptocurrencies are significantly impacted by political, economic, and regulatory factors. The study also found that it is challenging to control cryptocurrencies and cross-border transactions in the absence of accounting standards. The study recommends that regulators and accounting standards setters should establish new regulations and accounting standards for cryptocurrencies. Finally, this study identifies the vast majority of the existing literature as lacking adequate, well-rounded knowledge about cryptocurrencies or access to adequate resources, despite their clearly understanding the fundamental concepts of cryptocurrency. Further, the theoretical part of this paper is there to establish some type of accounting approach for Bitcoin.