December 4, 2021

Sweden Calls for Ban on Bitcoin Mining in EU

Sweden Calls for Ban on Bitcoin Mining in EU

The 26th UN Climate Change Conference is not over yet, and Swedish regulators are already calling for a ban mining of cryptocurrencies in the EU as a threat to the implementation of an international agreement.

According to the Swedish Financial Inspectorate, miningProof-of-Work cryptoassets are too energy-intensive and exacerbates the threat of climate change. Under pressure from the public, miners are striving to switch to renewable sources, but this situation threatens with a shortage of electricity in the Scandinavian region.

On the one hand, mining cryptocurrency catastrophically increases the carbon footprint in the atmosphere. On the other hand, it threatens with a deficit in other sectors of the economy.

According to regulators, the mining industryneeds to be converted to more sustainable mining methods that will reduce energy consumption by 99.95%. Until the cardinal solution of the issue, Sweden proposes:

  • Consider a ban at the EU level on mining PoW cryptocurrencies;
  • Take tough measures to limit the development of crypto mining using energy-intensive methods;
  • Prohibit PoW mining product from being labeled, described, or sold as safe.

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