United

Rewards

MN Coin

KPMG, one of the Big Four professional services firms, recently published a report on Bitcoin’s impact on environmental, social, and governance (ESG) issues. 
The report highlighted that Bitcoin offers various benefits when analyzed through an ESG framework. 
In terms of the environment, the report emphasized that emissions were a more significant environmental concern compared to energy usage. 
KPMG contextualized Bitcoin’s emissions in comparison to other sources, such as tobacco and tourism, and found that it ranked as the second smallest contributor, trailing only behind “Video (US).” 
Consequently, the report concluded that Bitcoin’s emissions might be lower than commonly discussed. 
To improve Bitcoin’s carbon footprint, the report suggested employing renewable energy sources and energy produced from methane for mining. 
Regarding social issues, the report pointed out that Bitcoin’s contribution to money laundering was relatively small when compared to the total amount of money laundering globally. 
Money laundering constitutes 2-5% of global gross domestic product, according to the United Nations Office on Drugs and Crime statistics cited in the report, while it accounts for merely 0.24% of Bitcoin transactions, as indicated by Elliptic. 
Moreover, the report highlighted that laundered money was received in Bitcoin far less frequently than in other cryptocurrencies like Ether, stablecoins, or altcoins. 
It suggested that Anti-Money Laundering (AML) and Know Your Customer (KYC) measures could be applied during the off-ramping process of converting Bitcoin back to fiat currency, even though no AML/KYC requirements currently exist for transacting with Bitcoin. 
READ MORE: <a href="https://www.cryptointelligence.co.uk/decentralized-exchange-on-coinbases-base-network-pauses-trading-amidst-concerns-of-exploit/" rel="noopener noreferrer nofollow">Decentralized Exchange on Coinbase’s Base Network Pauses Trading Amidst Concerns of Exploit</a> 
The report also showcased positive use cases for Bitcoin, such as its utilization in fundraising for Ukraine and supporting electrification efforts in rural Africa. 
Addressing governance, the report praised Bitcoin’s robust governance system. 
It explained that Bitcoin’s rules could not be altered without forking, resulting in a decentralized system that cannot be abused or manipulated by individuals with ulterior motives or those in positions of power. 
While the report utilized secondary sources and familiar use cases, it acknowledged that Bitcoin remains widely misunderstood. KPMG, being well-versed in crypto-related matters, offers various crypto-related advisory services. 
In summary, KPMG’s report emphasized that Bitcoin presents several advantages from an ESG perspective. 
Despite certain environmental concerns, it highlighted the potential for lower emissions, recommended sustainable energy solutions, and acknowledged its relatively minor contribution to money laundering. 
Additionally, the report praised Bitcoin’s strong governance structure, ensuring its integrity and decentralization. 
Other Stories: 
<a href="https://www.cryptointelligence.co.uk/u-s-judge-denies-motion-to-dismiss-sec-lawsuit-against-terraform-labs/" rel="noopener noreferrer nofollow">U.S. Judge Denies Motion to Dismiss SEC Lawsuit Against Terraform Labs</a> 
<a href="https://www.cryptointelligence.co.uk/irs-issues-new-ruling-u-s-crypto-investors-must-report-staking-rewards-as-gross-income/" rel="noopener noreferrer nofollow">IRS Issues New Ruling: U.S. Crypto Investors Must Report Staking Rewards as Gross Income</a> 
<a href="https://www.cryptointelligence.co.uk/binance-ceo-cz-unveils-plan-to-launch-smaller-algorithmic-stablecoins/" rel="noopener noreferrer nofollow">Binance CEO CZ Unveils Plan to Launch Smaller Algorithmic Stablecoins</a>

KPMG Report Finds Bitcoin Offers ESG Benefits

Crypto Intelligence

Inne artykuły opublikowane 4 sie 2023

X : Le plan crypto de musk dévoilé !

TRON Network's Committee Approves Proposal 89, Introduces PUSH0 Instruction for TVM Compatibility

XRP Price Analysis for August 4

OpenOcean Monthly Digest: July under the microscope!

Revolut to suspend cryptocurrency services in US

Crypto News: Will Ethereum ETF Outshine Bitcoin ETF?

Zapisz się na bezpłatny newsletter i otrzymuj codzień aktualności ze świata kryptowalut!