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Assignment on Crypto currency

   

Added on  2021-04-21

8 Pages1425 Words45 Views
Finance
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Running head: AUDITINGAuditingName of the StudentName of the UniversityAuthor Note
Assignment on Crypto currency_1

1 AUDITINGTable of ContentsIntroduction......................................................................................................................................2Discussion........................................................................................................................................2The concept of Crypto currency..................................................................................................2Challenges faced during Cryptocurrency auditing:.....................................................................4Conclusion.......................................................................................................................................5References........................................................................................................................................6
Assignment on Crypto currency_2

2 AUDITINGIntroductionAuditing is the process of inspecting the books of accounts to measure the accuracy ofthe financial records. In the recent age, there is a constant change in the method of transactionswith the help of internet. This new technology changed the way in which people interact andperform commercial transactions (Vigna and Casey 2016). The Cryptocurrency has been evolvedas a substitute of previous modes of transactions. This technology has made it possible toperform the various international transactions with a very low operational cost, but it alsoimposes a series of regulation related challenges since this system is not governed by any kind ofgovernmental agency, whereas its users are the sole responsible for its operation. Many countrieshave issued regulations and informations on the use of Cryptocurrencies, but these initiatives,most of the time, do not provide definitive answers regarding the technique this digitalinstrument should be treated and the process of regulating the same (Suzuki and Murai 2017).DiscussionThe concept of Crypto currencyA Cryptocurrency is referred to as a virtual or digital currency that uses technique ofcryptography for security. Cryptography is the art of solving the codes .In case of cryptocurrency it is difficult to fraud as there is a unique security feature (Bolt 2017). The anonymousnature of the crypto currency transactions helps to avoid the various fraudulent accountingactivities like tax evasion and money laundering.ir has an organic nature that is it not issued bythe central authority thus, immuning the transactions from government manipulation andinterference.
Assignment on Crypto currency_3

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