Bitcoin Revolutionizes Cross-Border Payments: KPMG Report

• KPMG, one of the world’s largest accounting firms, recently published a report on Bitcoin (BTC) use cases.
• The report highlights how Bitcoin can benefit payments, social causes, and financial inclusion.
• Examples include cross-border payments in developing countries, helping Ukraine raise funds during a conflict with Russia, and providing electricity in rural Africa.

KPMG Report: Benefits of Bitcoin

KPMG, one of the world’s largest accounting firms recently released a report that highlighted the benefits of using Bitcoin (BTC). According to the report, BTC consistently provides value despite being an often-misunderstood technology and asset class. The report claims that BTC has a variety of impactful use cases that deliver value for users and society at large.

Cross-Border Payments

The report states that BTC has transformed cross-border payments by making them nearly instant with far cheaper transaction fees than traditional methods. This is particularly beneficial for people in developing countries who face high transaction fees and logistical challenges when sending remittances abroad.

Helping Ukraine Raise Funds

The report also mentions how BTC helped Ukraine raise nearly $70 million when they were invaded by Russia during a conflict. By using BTC instead of legacy financial rails which would’ve taken days or weeks to clear and settle due to various restrictions imposed as a result of the war, the government was able to take possession of these funds almost instantly.

Providing Electricity in Rural Africa

Another example given in the report is how BTC mining has helped provide more consistent and less expensive electricity to people living in rural areas who rely on small electrical grids that struggle financially. By allowing miners to co-locate within these microgrids it increases their useful load factor while decreasing cost per kWh (kilowatt-hour) by increasing their total sales.

Financial Access for Unbanked & Restricted Populations

The last example given discusses how BTC provides financial access to those without bank accounts or those facing monetary restrictions such as hyperinflation eroding savings caused by crashing currencies like Turkey’s Lira in Q1 2021 where crypto asset transaction volume ranked 4th globally due to this situation