Overview
Legaltech News quoted Alan Cohn in an article titled "Cryptocurrency Value Is Skyrocketing. So Why Aren't Firms Holding Onto Their Digital Coins?" The article, published March 22, discusses why some law firms that are allowing clients to pay their invoice balances with cryptocurrency, are quickly converting those digital assets to fiat money.
Cohn says when Steptoe decided in 2016 to accept cryptocurrency payments for legal services, the firm set up a cryptocurrency wallet and partnered with a cryptocurrency broker to collect and convert cryptocurrency. But while the firm had the necessary technology to accept cryptocurrency, Cohn notes the firm's daily operations weren't restructured for that digital asset.
"The firm decided to convert the cryptocurrency to cash because the firm is set up to handle cash payments from clients, and so the conversion was a natural step because of course salaries are paid in fiat, expenses are paid in fiat, books are kept in fiat," Cohn says. "So the conversion of cryptocurrency to fiat was the natural thing you would do with a different method of payment."
The full article can be read at Legaltech News (subscription required).
