A recent KPMG report has mentioned all the good signs of crypto and ESG, indicating the benefits of Bitcoin while busting myths related to it.
KPMG is regarded as one of the world’s top accounting and consulting organizations. Thus, it was no surprise when its Bitcoin report created ripples across the crypto industry. The KPMG report shed light on the benefits one could derive from Bitcoin. It also based its report on crypto and ESG. According to KPMG, Bitcoin could have lasting advantages in environmental, social and governance (ESG) aspects.
The firm claimed Bitcoin’s emissions were relatively less than other major emitters worldwide. It also recommended using other energy sources, like renewables, to reduce Bitcoin’s carbon footprint. It also stated that money laundering through Bitcoin was minuscule. The overall money laundering occurring in the world was much above that through Bitcoin, it said.
The KPMG report also listed the multiple benefits shared by crypto in real life. It included rural electrification, payments, financial inclusion, and fundraising initiatives in Ukraine. Bitcoin mining is also featured in its list of advantages. The report detailed how Bitcoin mining could encourage the use of renewable energy.
Regarding Bitcoin’s governance, it said, “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.”
KPMG concluded the report by including a few strategies to reduce the global carbon footprint. One of its charts in the report visually represented how Bitcoin’s emissions fared. It is reportedly much less than deforestation, air-conditioning, livestock and manure, and tourism.