Cryptocurrency Technology and Financial Reporting
Ahmad Shauqi Zubir1, Nur Aishah Awi2, Azwadi Ali3, Safiek Mokhlis4, Farizah Sulong5
1Dr. Ahmad Shauqi Haji Mohamad Zubir*, Lecturer, School of Business and Maritime Management, University, Malaysia.
2Dr. Nur Aishah Awi, Lecturer, School of Maritime Business and Management, University Malaysia.
3Dr. Azwadi Ali, Associate Professor, School of Maritime Business and Management, University Malaysia
4Dr. Safiek Mokhlis, MCIM, MIMM, Associate Professor, University Putra, Malaysia.
5Dr. Farizah Sulong, ACCA, CA (M) Lecturer, School of Maritime Business and Management, University Malaysia.
Manuscript received on April 29, 2020. | Revised Manuscript received on May 09, 2020. | Manuscript published on May 30, 2020. | PP: 103-108 | Volume-4, Issue-9, May 2020. | Retrieval Number: I0898054920/2020©BEIESP | DOI: 10.35940/ijmh.I0898.054920
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© The Authors. Published By: Blue Eyes Intelligence Engineering and Sciences Publication (BEIESP). This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Abstract: Cryptocurrency technology is considered as smart technology that would transform our way of doing business in the near future. Its unique features are said to be far superior than our existing business technology which mainly based on cash and credit, especially in time, security and cost. Nevertheless, its entrance into the business arena has also turns our existing systems of financial reporting and taxing upside down as both systems were moulded, formulated and evolved just to suit the systems of cash and credit. Therefore, the financial regulators and inland revenue boards should come out with a new system that can properly and fairly adapt to the technology of cryptocurrency, in order to secure the imbalances between financial application and its law and order.
Keywords: Cryptocurrency, financial awareness, online payments, financial products, financial services, financial regulations, Bitcoin.