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


The report compares Bitcoin power utilization to that of garments dryers (equal) and its emissions to these of manure (a lot much less) in a slight however readable doc.

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

KPMG has launched a report on Bitcoin and ESG (surroundings, social and governance) points. The Large 4 skilled providers agency discovered that Bitcoin “seems to offer an a variety of benefits throughout an ESG framework.”

every element of ESG individually, the report famous that emissions is a extra vital indicator of environmental injury than power utilization. It contextualized Bitcoin (BTC) emissions in relation to these of different sources that ranged from tobacco to tourism and located it was the second smallest contributor behind “Video (US).” It concluded:

“Bitcoin’s emissions could also be decrease than typically mentioned.”

The report repeated frequent methods for enhancing Bitcoin’s carbon footprint, equivalent to utilizing extra renewable power and power produced from methane for mining.

BREAKING: KPMG, one of many ‘prime 4’ largest accounting corporations on this planet acknowledges the constructive impacts #Bitcoin can have on the surroundings.

— Dennis Porter (@Dennis_Porter_) August 1, 2023

Bitcoin’s contribution to cash laundering is tiny in comparison with the full quantity of  cash laundering worldwide, the report mentioned. Cash laundering accounts for 2-5% of world gross home product, based on United Nations Workplace on Medication and Crime statistics cited within the report, however accounts for simply 0.24% of Bitcoin transactions, per Elliptic. It additionally famous that laundered cash was acquired in Bitcoin far lower than in Ether (ETH), stablecoins or altcoins, and Anti-Cash Laundering (AML) and Know Your Buyer (KYC) measures might be utilized on the level of off-ramping the coin, though there aren’t any AML/KYC necessities for transacting with it.

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Constructive use instances had been supplied once more, equivalent to fundraising for Ukraine and electrification in rural Africa.

Bitcoin’s governance is strong, the report mentioned, as its guidelines can’t be modified with out forking:

“This leads to a system that can’t be abused or misused by these in energy and even people with ulterior motives as a consequence of its decentralization.”

The 12-page report makes use of all secondary sources and acquainted use instances. It factors out, nonetheless, that Bitcoin stays misunderstood. The agency provides various crypto-related advisory providers.

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