Ernst & Young – EY – Switzerland announced on November 25th, 2016 that it will be receiving payments for its accounting and consulting services in bitcoin, starting in January 2017. This announcement comes after some other Swiss organizations also joined the bitcoin revolution. EY will strengthen Switzerland’s stance as a hub for the digital economy further with this decision which includes several other provisions to advance blockchain technology.
Ernst & Young Employees get Bitcoin Wallets
EY Switzerland employees will also get their own wallets to use bitcoin. Ernst & Young has designed its own wallets. These wallets have, according to the press release, “excellent protection against unauthorized access within the EY system environment”. This move will allow EY employees to become more familiar with bitcoin and block chain technology.
Bitcoin ATM
In order to make sure that its employees can use their wallets, Ernst & Young has also installed a bitcoin ATM in its offices in Zurich. The public will also be able to access the ATM, although the consulting firm put it there in order to make sure that bitcoin is readily available for its employees to acquire and work with. EY sees the bitcoin and blockchain revolutions as an essential part of the future of the digital economy, although it doesn’t seem to have any immediate plans to pay salaries using bitcoin. Smart contracts and subsequent developments will also be critical for EY clients, therefore its employees should lead in understanding and implementing these solutions.
Revolutionizing the Financial Services Industry
There is no doubt that a number of leading Swiss organizations are leading the effort to transform financial services in light of the bitcoin revolution. EY is one of the most important ones to join the effort. Ernst & Young Switzerland has partnered up with numerous other organizations in the country to bring a change in the financial sector. The aim is to provide its customers with the tools necessary to make the transition into the digital economy in the best way possible.
Will Ernst & Young Switzerland see a lot of Bitcoin Payments?
Despite the great push to adopt bitcoin and immerse itself in the revolution, it is quite likely that EY will not see a lot of payments for its services in bitcoin. The bulk of companies seeking consulting and accounting services, earn in fiat and will be better off paying for these services with traditional currency. Then there is the issue of bitcoin prices. If the price of bitcoin is expected to rise, bitcoin payments will become less likely.
Ernst & Young will definitely benefit from its employees understanding bitcoin and blockchain, but it is not likely to benefit economically in any direct manner by enabling bitcoin payments, at least not in the immediate future. Nevertheless it is clear that this move will also benefit Switzerland’s stance as one of the rising stars in the bitcoin and blockchain industry. This is clearly another good example of an organization using its ‘Swiss footprint’ to engage with the technology that has the potential to transform the financial industry completely.
