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Chamber of Digital Commerce calls for GAAP standards for cryptocurrency

13 July 2017 09:23, UTC
Washington,DC-based Chamber of Digital Commerce (CDC) promoting the interests of cryptocurrency industry representatives has submitted a letter to the Financial Accounting Standards Board (FASB). It requests a necessity of developing accounting standards for companies working with cryptocurrency.

As Reuters reports, FASB has not yet given a final decision on whether it would develop these standards but their necessity is still on the agenda.

Perianne Boring, head of the CDC, noted that the lack of accounting standards for cryptocurrency causes difficulties both for companies wishing to implement innovative technologies and for investors which can restrain the economic growth of the United States. The possibility of FASB beginning to develop the standards proposed by the CDC is quite strong.