#KCN #Cryptocurrency is not a financial asset, not a means of payment - IFRIC

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The cryptocurrency is not a financial asset, not a means of payment, stated this the International Financial Reporting Interpretations Committee (IFRIC). As reported on the site koreatimes.co.kr: “Cryptocurrencies, including the most popular and longest running Bitcoin, are neither legal tender nor a financial product as they are "not cash nor an equity instrument of another entity," according to the latest decision by an international interpretative body of accounting practices. The decision on the much-disputed digital currencies, which will become an international standard in bookkeeping, is expected to pose further challenges to crypto business operators' years-long efforts to make them recognized as legitimate currencies. This, however, will enable the government to establish a legal basis on taxation and businesses to map out rules on corporate accounting”. Stay with us! The news release partner STEX.com.
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