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KPMG has released a report on Bitcoin and ESG (environment, social and governance) issues. The Big Four professional services firm found that Bitcoin \u201cappears to provide a number of benefits across an ESG framework.\u201d<\/p>\n
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 (BTC<\/a>) emissions in relation to those of other sources that ranged from tobacco to tourism and found it was the second smallest contributor behind \u201cVideo (US).\u201d It concluded:<\/p>\n \u201cBitcoin\u2019s emissions may be lower than often discussed.\u201d<\/p><\/blockquote>\n The report repeated common strategies for improving Bitcoin\u2019s carbon footprint, such as using more renewable energy and energy produced from methane for mining.<\/p>\n BREAKING: KPMG, one of the \u2018top 4\u2019 largest accounting firms in the world acknowledges the positive impacts #Bitcoin<\/a> can have on the environment. pic.twitter.com\/LjxvELm3yg<\/a><\/p>\n \u2014 Dennis Porter (@Dennis_Porter_) August 1, 2023<\/a><\/p><\/blockquote>\n Bitcoin\u2019s contribution to money laundering is tiny compared to the total amount of\u00a0 money laundering worldwide, the report said. Money laundering accounts for 2-5% of global gross domestic product, according to United Nations Office on Drugs and Crime statistics cited in the report, but accounts for just 0.24% of Bitcoin transactions, per Elliptic. It also noted that laundered money was received in Bitcoin far less than in Ether (ETH<\/a>), stablecoins or altcoins, 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. <\/p>\n Related: Metaverse \u2018explosion\u2019 will be driven by B2B, not retail consumers: KPMG partner<\/a><\/em><\/strong><\/p>\n Positive use cases were provided again, such as fundraising for Ukraine<\/a> and electrification in rural Africa<\/a>.<\/p>\n Bitcoin\u2019s governance is robust, the report said, as its rules cannot be changed without forking:<\/p>\n \u201cThis results in a system that cannot be abused or misused by those in power or even individuals with ulterior motives due to its decentralization.\u201d<\/p><\/blockquote>\n The 12-page report uses all secondary sources and familiar use cases. It points out, however, that Bitcoin remains misunderstood. The firm offers a number of crypto-related advisory services. <\/p>\n Magazine: Bitcoin in Senegal: Why is this African country using BTC?<\/a><\/em><\/strong><\/p>\n<\/div>\n\n