Bitcoin Buzz | Bitcoin has many hurdles to overcome, says PwC
The cautious assessment of Bitcoin's outlook comes as governments remain cool towards the digital currency
A top multinational advisory firm has warned of increasing credible regulatory threats in the digital currency.
PricewaterhouseCoopers’ latest assessment of digital currencies in a report titled ‘Digital Disruptor: How Bitcoin is Driving Digital Innovation in Entertainment, Media and Communications’ on February 7 painted a gloomier picture – as the digital currency attempts to shake off its bad-boy image.
In recent months, unfavourable legal rulings among dominant and influential governments on the risks and illegality within the Bitcoin world – whilst aiming to be ‘cleaner than cash’ — have put businesses and consumers on the back foot.
Unintentionally, the latest report last Friday coincided with Russia declaring its opposition to Bitcoin, making it illegal, in a fresh revolt.
The report based its analysis on 3.4 million social media mentions the digital currency garnered last year.
“Like other consumer-facing technologies, companies experimenting with Bitcoin should monitor the evolving regulatory landscape and execute due diligence to mitigate potential exposure to illicit activities,” said the professional services firm.
It noted for companies and consumers there was growing uncertainty and evolving perspectives of regulators dampening the overall outlook.