The increasing volume of virtual currency-related transactions by traditional corporate and financial institutions necessitates the development of accounting guidance addressing the recognition, measurement, presentation, and disclosure of virtual currencies and related transactions. The absence of accounting standards for virtual currencies is a mission critical issue for companies seeking to invest and innovate in this exciting technology frontier and may hold back economic growth in the United States. The Chamber believes that the Federal Accounting Standards Board (FASB) should add to its agenda a project to address the accounting standards for digital currencies.
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