KPMG has released a report on Bitcoin (
$110,171.00 ) and ESG (environment, social and governance) issues. The professional services firm, one of the world’s Big Four, found that Bitcoin ( $110,171.00 ) “appears to provide a number of benefits across an ESG framework.”
Looking at each component of ESG separately, the report noted that emissions is a more significant indicator of environmental damage than energy usage. It contextualized Bitcoin ( $110,171.00 ) (BTC) emissions in relation to those of other sources that ranged from tobacco to tourism and found it was the second smallest contributor behind “Video (US).” It concluded:
“ Bitcoin ( $110,171.00 ) ’s emissions may be lower than often discussed.”
The report repeated common strategies for improving Bitcoin ( $110,171.00 ) ’s carbon footprint, such as using more renewable energy and energy produced from methane for mining.
BREAKING: KPMG, one of the ‘top 4’ largest accounting firms in the world acknowledges the positive impacts # Bitcoin ( $110,171.00 ) can have on the environment. pic.twitter.com/LjxvELm3yg
— Dennis Porter (@Dennis_Porter_) August 1, 2023
Bitcoin ( $110,171.00 ) ’s contribution to money laundering is tiny compared to the total; money laundering accounts for 2-5% of world GDP, the report said, citing United Nations Office on Drugs and Crime statistics, while it accounts for just 0.24% of Bitcoin ( $110,171.00 ) transactions, per Elliptic. It also noted that laundered money was received in Bitcoin ( $110,171.00 ) far less than in Ether (ETH), stablecoins or alt coins, and Anti-Money Laundering (AML) and Know Your Customer (KYC) measures could be applied at the point of off-ramping the coin, even though there are no AML/KYC requirements for transacting with it.
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Positive use cases were provided again, such as fundraising for Ukraine and electrification in rural Africa.
Bitcoin ( $110,171.00 ) ’s governance is “robust” as its rules cannot be changed without forking:
“This results in a system that cannot be abused or misused by those in power or even individuals with ulterior motives due to its decentralization.”
The 12-page report uses all secondary sources and familiar use cases. It points out, however, that Bitcoin ( $110,171.00 ) remains misunderstood. The firm offers a number of crypto-related advisory services.
Magazine: Bitcoin ( $110,171.00 ) in Senegal: Why is this African country using BTC?
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