KPMG Highlights Bitcoin’s Advantages: Payments, Social Impact, and Financial Inclusion
Global accounting firm KPMG has released a report highlighting various use cases for Bitcoin (BTC) and its consistent value, despite being a misunderstood technology and asset class.
The report emphasizes the positive impact of Bitcoin on cross-border payments, especially for individuals in developing countries facing high transaction fees and risks associated with claiming remittances from abroad. With nearly instant transactions and lower fees, Bitcoin has facilitated smoother payment processes. KPMG also highlights Bitcoin’s role in aiding Ukraine during the invasion by Russia, enabling the quick possession of nearly $70 million compared to traditional financial rails. In rural Africa, Bitcoin mining has contributed to more reliable and affordable electricity by utilizing otherwise wasted energy from small electrical grids.
Additionally, Bitcoin has provided financial access to those without bank accounts and individuals facing monetary restrictions, such as in Turkey during hyperinflation. The report underscores how crypto assets offer an exit ramp to preserve savings and purchasing power for those affected by economic crises.
Clever Robot News Desk 4th August 2023
Related Article
