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EU Considered Ban on BTC Citing Environmental Issues

European officials are on the way of ban Bitcoin.
EU Considered Ban on BTC Citing Environmental Issues, smoking chimney as featured image

BTC’s energy use has been revealed in a document acquired via an information act request. According to the revealed pages, an outright trade ban is also on the table for the world’s most popular cryptocurrency.

 

The papers suggest that EU officials are having concerns of BTC. A study released by Netzpolitik on Thursday highlighted the scope of anti-BTC discussions among EU. More, information acquired via freedom of information requests shows how far debates on outlawing BTC mining and trade in the European Union have advanced.

Compel Bitcoin to Switch to PoS

The constant growing of BTC mining in Sweden (SWE) was addressed at an European Union talk between Sweden’s environmental agency.

 

A speaker wondered whether the government might compel Bitcoin to switch to the less energy-intensive Proof-of-Stake validation method. An other speaker at the same conference questioned directly whether the EU should ban the trade of crypto assets based on the Proof-of-Work algorithm of BTC.

Even though the response was redacted to preserve an

“ongoing decision-making process.”

The European Union likely ignore the advantages of BTC’s decentralized, peer-to-peer payments system while focusing on it’s dark side – on its energy use.

 

The paper provided today by Netzpolitik concerns a meeting that took place in November, last year. The European Union’s Parliament has since rejected a prohibition on Proof-of-Work cryptocurrency mining. However, some EU officials’ methods of regulating BTC may be learned from this paper.

 

Image by JuergenPM from Pixabay

Edward Nored

Edward Nored

Edward is a naturally curious BTC lover with a deep interest in blockchain, fin tech, fields which he dedicates his time to researching.

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