Cryptocurrency is getting more attention than ever before, but not most people are convinced it will replace traditional centralised currency restricted by government authorities. What is obvious is that it provides a more quickly and more protect alternative to its status. For many small and medium businesses, this means a shift in how they do business, especially when it comes to making repayments.
Adding cryptocurrency as a repayment method may have significant https://www.minexxo.com/2022/04/28/top-3-board-communications-vdrs-you-should-be-aware-of significance for how companies deal with risk and operations. It may demand a rethinking of core business processes and an internal dialogue with multiple teams — including invest, technology, functions, legal, and risk management.
There are two ways that companies can begin to incorporate cryptocurrencies into their functions. One is to enable the transaction of crypto obligations without actually bringing the digital assets onto the company «balance sheet». This is typically accomplished by applying third-party vendors who take on the role of converting in and out of crypto into fiat foreign money for payment. These vendors generally charge fees for their services while likewise overseeing anti-money laundering (AML) and find out your customer (KYC) compliance.
The other option is to fully adopt cryptocurrencies into the company’s payment systems. This requires a bigger change in the overall operations and will most likely involve involvement with all departments — such as the board, committees, finance, accounting, treasury, THIS, risk, operations, communications, and even more. Ultimately, it is a major commitment and should be performed with a total understanding of the complexities involved.