Will Bitcoin or Libra take over the world? Many say they are the next step in the evolution of money as cash usage diminishes and new ways of paying like mobile phones increase in prevalence.
Crypto-currencies also offer the advantages of financial privacy and offering peer-to-peer interactions. However, Mark Carney (former governor of the Bank of England) and Jamie Dimon (JP Morgan) are not so sure they will be the next big thing.
The presentation will look at the benefits and risks around crypto-currencies. It will discuss the different regulatory approaches around the world, how to think about the accounting treatment, the tax treatment and the underlying technology. The recent ICAEW publication and tech essential guide will be discussed.
John Mongelard leads ICAEW’s programme on financial services issues that have a risk or regulation theme. As a Technical Manager, he has led on policy development, member education, he has organised topical discussion-based events and writes regularly in the faculty’s magazine. In his role, he looks at how financial services issues such as misconduct, crypto-currencies, corporate governance and IFRS 9 are influencing financial services firms, their regulators and lending to the real economy. John joined ICAEW from the Prudential Regulation Authority. There he worked in various supervision roles and looked at large UK banks, international banks and insurance companies.
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