July 18, 2018

Europe recognizes cryptocurrencies. Xriba will help companies to account for them in the financial statements.

By January 2020 EU member states are obliged to recognize virtual currencies. Starting from the end of July 2018, the new EU directive 2018/843 will become effective, which implies this introduction.

In fact, with this text the EU officially recognizes the cryptocurrencies, giving them a different legal status than the fiat currencies; Consequently with the introduction of this text, the nations that are part of the European Union are obliged to recognize them.

This assumes that, after the regulation, cryptocurrencies will have to be universally accepted as payment. Companies that will also accept to receive cryptocurrencies as payment will need to account for them in order to correctly register them in the budget in according to the law of the countries in which they operate.

Xriba is the first standard designed to register accounting within the Blockchain. A unique protocol created to bring transparency and responsibility to the world of cryptocurrencies and traditional business.

About that we have developed a series of applications including: Mastrobook (with already over 50,000 registered documents) and Cryptobooks, for registration and accounting management and XribaPay, the first payment platform that allows companies to conduct financial transactions both in cryptocurrency that in fiat currency.

Now we’re working on the release of the latter. In the beta version, XribaPay will be the first business wallet designed for the needs of entrepreneurs and all those who have to carry out business transactions. The main feature is the possibility of converting each transaction in cryptocurrency into a corresponding transaction in fiat, based on an accounting document and in according to the laws of your state.

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