Email: submit@sarpublication.com (24x7 Online Support)
South Asian Research Journal of Business and Management (SARJBM)
Volume-5 | Issue-05
Original Research Article
Cryptocurrency: Historical Development, Operations and Accountability
Omisope Margaret Bosede, Olalere Mayowa David, Akande Sunday Adebola
Published : Sept. 23, 2023
DOI : 10.36346/sarjbm.2023.v05i05.002
Abstract
The functioning of financial markets is impacted by the global cryptocurrency market, which also has significant effects on entire economies. Cryptocurrencies, which are still a relatively new idea and are constantly evolving and changing the financial landscape of the world, have started to take hold in a variety of industries, from financial markets to day-to-day commercial life. A new financial era has allegedly dawned with the advent of cryptocurrency. Cryptocurrencies are projected to become more prevalent and a part of daily life in the future as their popularity grows every day. Virtual money and Bitcoin have been discovered to have high levels of transaction volumes in the majority of nations. By looking over the existing literature and previous studies, the study used an exploratory methodology. Many businesses already pay their employees with bitcoins. The purpose of the study is to provide details on virtual currencies, including information about how each cryptocurrency, including Bitcoin, functions and its characteristics, as well as to make assessments regarding the accounting of their business dealings using Bitcoin in accordance with international accounting standards. According to the findings, the held cryptocurrency should be revalued at the end of the term, and any disparities resulting from gains or losses should be taxed. The importance of conducting studies for this is also underlined, as is the control over the cryptocurrency owned by businesses and the transactions done with it. Although the intangible asset accounting method is now thought to be the most appropriate way, future advances will inevitably lead to the creation of a new account class or group for cryptocurrencies.

About Us


South Asian Research Publication (SAR Publication) is a publisher for scientific online and print journals started with collaboration with other scientific organizations, institutions, academicians and researchers. SAR Publication is keen to make itself as a leading publisher for scientific and academic journals with quality peer review and rapid publication... Read More Here

Copyright © SAR Publication, All Rights Reserved

Developed by JM