KPMG touts ESG benefits from Bitcoin, counters misperceptions in new report

KPMG has released a study connected Bitcoin and ESG (environment, societal and governance) issues. The nonrecreational services firm, 1 of the world’s Big Four, recovered that Bitcoin “appears to supply a fig of benefits crossed an ESG framework.”

Looking astatine each constituent of ESG separately, the study noted that emissions is simply a much important indicator of biology harm than vigor usage. It contextualized Bitcoin (BTC) emissions successful narration to those of different sources that ranged from baccy to tourism and recovered it was the 2nd smallest contributor down “Video (US).” It concluded:

“Bitcoin’s emissions whitethorn beryllium little than often discussed.”

The study repeated communal strategies for improving Bitcoin’s c footprint, specified arsenic utilizing much renewable vigor and vigor produced from methane for mining.

BREAKING: KPMG, 1 of the ‘top 4’ largest accounting firms successful the satellite acknowledges the affirmative impacts #Bitcoin tin person connected the environment. pic.twitter.com/LjxvELm3yg

— Dennis Porter (@Dennis_Porter_) August 1, 2023

Bitcoin’s publication to wealth laundering is tiny compared to the total; wealth laundering accounts for 2-5% of satellite GDP, the study said, citing United Nations Office connected Drugs and Crime statistics, portion it accounts for conscionable 0.24% of Bitcoin transactions, per Elliptic. It besides noted that laundered wealth was received successful Bitcoin acold little than successful Ether (ETH), stablecoins oregon alt coins, and Anti-Money Laundering (AML) and Know Your Customer (KYC) measures could beryllium applied astatine the constituent of off-ramping the coin, adjacent though determination are nary AML/KYC requirements for transacting with it.

Related: Metaverse ‘explosion’ volition beryllium driven by B2B, not retail consumers: KPMG partner

Positive usage cases were provided again, specified arsenic fundraising for Ukraine and electrification successful agrarian Africa.

Bitcoin’s governance is “robust” arsenic its rules cannot beryllium changed without forking:

“This results successful a strategy that cannot beryllium abused oregon misused by those successful powerfulness oregon adjacent individuals with ulterior motives owed to its decentralization.”

The 12-page study uses each secondary sources and acquainted usage cases. It points out, however, that Bitcoin remains misunderstood. The steadfast offers a fig of crypto-related advisory services.

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