The European Union considers imposing a total ban on bitcoin trading
Netzpolitik says the EU is seriously considering implementing such drastic regulatory measures
Recently, the desire of European officials to completely limit bitcoin trading has been actively discussed online. This was announced by Netzpolitik, the German organization for digital culture, citing reliable sources. According to them, by imposing a total ban on the use of BTC, the EU wants to reduce the activities of mining companies.
It is noted that the issue of bitcoin was raised by European Union officials during the discussion on the mining ban, using the Proof-of-Work algorithm. Their plans to reduce the activity of mining companies are related to the desire to reduce electricity consumption. The imposition of an “embargo” on the first cryptocurrency, according to the logic of Europeans, will significantly “hit” the digital currency industry.
The meeting of EU representatives was also attended by those of the Swedish financial regulator and the Environmental Protection Agency. As part of many hours of discussion on various issues, the speech of one of the heads of state caused great outrage in the crypto community. His suggestion was to transfer the activities from the Proof-of-Work mechanism for mining tokens to – Proof of Stake (a method in which cryptocurrency mining takes place by betting coins for profit). PoS, unlike PoW, is much less energy-intensive in terms of energy savings, the official said.
“We now have the opportunity to watch the Ethereum ecosystem gradually move towards PoS. Why can’t we demand such steps from the BTC community in this case? We all need to protect other sustainable digital assets, and we can’t always think only of bitcoin.”
One of the lecturers said.
Another official, who also supports the idea of switching to Proof of Stake, noted that the European Union actually has enough influence to ban trade in all cryptocurrencies that continue to use the Proof-of-Work algorithm in the future, including bitcoin.
Despite the lack of specific names and facts in this report, Netzpolitik says the EU is seriously considering implementing such drastic regulatory measures.