Sweden's central bank calls for total ban on bitcoin mining

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Swedish central bank (Riksbank) demanded to prevent the adoption of Bitcoin in the country, worried about financial stability and the environment.

The Central Bank published a report “Cryptocurrencies and theirimpact on financial stability,” in which he cited the results of his own research into proof-of-work (PoW) mining. The report argues that cryptocurrencies mined this way should be banned in the country as PoW is an energy-intensive method that has an impact on the environment.

According to the report, Sweden now has a crypto-asset mining operation that consumes as much electricity as 200,000 households annually.

The document rejects the very possibility of BTC adoption in the country, despite the fact that Sweden is a haven for many Bitcoin startups.

Famous Swedish Bitcoin investors such as:Christian Ander and Knut Svanholm were quick to dispute the Riksbank's claims, saying that if the central bank really cared about the environment, it would "end all its operations tomorrow and never start again." Investors speculated that the bank was afraid of losing some control over the financial industry.

According to Svanholm, Riksbank has no rightpersuade someone to use less energy or tell people how to manage it, and also stated that all the energy used to mine Bitcoins is not wasted.

Late last year, Swedish regulators also called for a ban on Bitcoin mining and limit investment in the industry until it becomes environmentally friendly.