During a discussion about Proof of Work, an official asked if the European Union should ban bitcoin trading. Another special statement is that the EU should force the Bitcoin community to prove their stake.
This can be read in the discussion report, the minutes were requested via a European WOB request. Large parts of the document have been grayed out so that not everything is legible, including the answer to the question of banning bitcoins.
Bitcoin energy consumption
This is what is stated in German politics document (PDF) required and published. It contains special questions and comments, all aimed at reducing the power consumption of proof-of-work currencies like bitcoin.
The dummy document contains minutes of a meeting between the Swedish financial regulator and an environmental organization. Why Sweden? Because many bitcoin miners are here. According to the regulator, this is due to the cold in Sweden, so miners do not have to cool their equipment. In addition, there is a lot of cheap and sustainable energy available and miners get tax benefits for purchasing their computers.
However, it appears from the entire document that people are not impressed with this, “Renewable energy is saving and should be used for things other than Bitcoin mining.”
Force Bitcoin to Proof of Stake
One attendee said that the Bitcoin community should do the same as the Ethereum community. Ethereum because it turns Another way to reach consensus among users, i.e. by using Proof of Stake. This is exactly what they are proposing for bitcoin, and if they don’t want it, the EU should put pressure on it.
“Ethereum is starting to move to PoS because of its community… If Ethereum can do that, we can legitimately demand the same from the Bitcoin community. We need to protect other sustainable cryptocurrencies. We don’t see a need to protect the Bitcoin community.”
Bitcoin trading ban
Another anonymous spokesperson asked if the European Union could ban all cryptocurrency trading using Proof of Work. The buying or selling of Bitcoin is then prohibited.
Unfortunately, the answer to this question was entirely fictional in the document to protect “ongoing decision-making,” but it does indicate at least that EU members are considering such a drastic measure.
Attendees are also speculating about what such a ban could mean for investors. It’s up to your big stumble:
BTC participants are fully aware of currency fluctuations/investment risks. We don’t need additional precautionary measures.”
Somehow they have a point, anyone who invests in bitcoin and cryptocurrency knows that there are risks involved and no guarantees. This is a good thing, because it means that every Bitcoin is responsible for whatever investment behavior they feel comfortable with. It’s a shame that such good behavior is used as a beating stick.
Other EU matters
The European Union’s Economic and Monetary Affairs Committee recently They voted against the legislation Proof of work ban. However, this document does provide insight into the extent to which some EU officials are willing to crack down on Bitcoin’s energy consumption.
Related News: The European Parliament Has Anonymous Crypto Transactions forbidden†