KPMG has launched a report on Bitcoin and ESG (surroundings, social and governance) points. The skilled companies agency, one of many world’s Large 4, discovered that Bitcoin “seems to offer a number of advantages throughout an ESG framework.”
every part of ESG individually, the report famous that emissions is a extra vital indicator of environmental harm 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 usually mentioned.”
The report repeated widespread methods for enhancing Bitcoin’s carbon footprint, reminiscent of utilizing extra renewable power and power produced from methane for mining.
— Dennis Porter (@Dennis_Porter_) August 1, 2023
Bitcoin’s contribution to cash laundering is tiny in comparison with the full; cash laundering accounts for 2-5% of world GDP, the report mentioned, citing United Nations Workplace on Medication and Crime statistics, whereas it 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 alt cash, and Anti-Cash Laundering (AML) and Know Your Buyer (KYC) measures could possibly be utilized on the level of off-ramping the coin, although there aren’t any AML/KYC necessities for transacting with it.
Bitcoin’s governance is “strong” 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 result of its decentralization.”
The 12-page report makes use of all secondary sources and acquainted use circumstances. It factors out, nevertheless, that Bitcoin stays misunderstood. The agency provides quite a few crypto-related advisory companies.