KPMG Highlights Crypto Industry’s Positive Trajectory

KPMG recently published a report on Bitcoin’s potential contribution to the ESG framework. First and foremost, the report narrates that the contributions are positive. It boldly contradicts the common concerns of mainstream industries. Notably, PayBitoPro CEO Raj Chowdhury appreciates KPMG’s effort in bringing the unadulterated truth. Additionally, he also said that such reliable audits will significantly improve investors’ confidence.

KPMG’s ESG 2.0 Report

 Moving on to KPMG’s ESG 2.0 Report, this 21-page report talks about Bitcoin’s significance across ESG’s three pillars. Furthermore, PayBitoPro CEO and blockchain pioneer, Raj Chowdhury, made a noteworthy statement, saying, “KPMG’s report highlights Bitcoin’s positive ESG contribution. This is a big boost to the global crypto community. It conveys the industry’s positive trajectory.” Importantly, the chief accepts that the crypto industry is far from perfect. However, he categorically denies that the current situation is not as bad as the mainstream industry’s fables suggest.

 Key Takeaways

Now, let’s delve into the key takeaways.

• Environment

First, in terms of the environment, Bitcoin’s PoW mechanism requires hashing and mining. To elaborate, mining requires energy-intensive ASIC devices. However, mining accounts for only 0.55% of the world’s total energy usage. It is equivalent to the energy consumed by tumble dryers. Furthermore, Bitcoin emission is the second-smallest in the world.

• Social

In the social aspect, KPMG denies claims that crypto is the primary source of criminal activities. To put it differently, money laundering accounts for 2-5% of global GDP. In stark contrast, Bitcoin’s contribution is a mere 0.24%. Notably, the report also highlights Bitcoin’s ability to improve financial inclusion. This includes its contribution to relief efforts in the Ukraine War and providing electricity for Africa.

Due to financial inclusion, crypto innovations will rise, consequently reducing the market entry barrier. Therefore, new entrepreneurs can confidently start brokerage as a career. A bonus is PayBitoPro’s white-label crypto broker platform, which offers white-label solutions. Consequently, entrepreneurs can start an exchange with a nominal monthly subscription fee.

•  Governance

In the governance realm, the report also pinpoints the decentralization feature of Bitcoin. To clarify, altering the inherent traits of the coin will result in forking and shifting from the main network. Thus, Bitcoin’s structure remains immutable and robust. A prime example is Bitcoin Cash, which aimed to increase the block size to 8 MB.

Also Read– Best Crypto Broker Platforms to Look Out in 2023

 Wrapping Up

Finally, wrapping up, change is inevitable, and so is resistance to change. It is worth noting that mainstream industries criticize Bitcoins as an energy-draining illegal-source façade scam. However, KPMG’s report on the true potential of Bitcoin will undoubtedly give some clarity to all. Those who are ready to enter the market should have unbiased information. This recent report will undeniably help everyone get a fresh perception of cryptocurrencies.

 Source:  https://finance.yahoo.com/news/kpmgs-report-highlighting-bitcoins-positive-070000546.html