The central theses

  • New paperwork have revealed the extent of anti-Bitcoin talks amongst European Union officers.
  • Officers had been contemplating a bitcoin buying and selling ban alongside proof-of-work mining to curb the community’s vitality consumption.
  • EU officers additionally questioned whether or not Bitcoin may change to the much less energy-intensive proof-of-stake validation mechanism.

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A doc obtained by means of a freedom of data request reveals the measures European Union officers have been contemplating to curb Bitcoin’s vitality use. The doc not solely requires the highest cryptocurrency to maneuver to a proof-of-stake validation mechanism, but in addition factors to an outright ban on buying and selling.

EU officers on bitcoin

EU Officers Do not Like Bitcoin, New Paperwork Have Revealed

Digital rights group Netzpolitik launched a report on Thursday highlighting the size of anti-Bitcoin talks between European Union officers. A number of paperwork obtained by means of freedom of data requests present how far the discussions on banning bitcoin mining and buying and selling within the EU have progressed.

A doc containing minutes of an EU assembly with Sweden’s monetary regulator and environmental company mentioned the expansion of bitcoin mining within the nation. A speaker requested if authorities may strain Bitcoin to modify to the much less power-intensive proof-of-stake validation mechanism. The doc states:

“If Ethereum is ready to shift, we may lawfully demand it from BTC. We have to “defend” different crypto cash which might be sustainable. Not see [the] have to “defend” the bitcoin neighborhood.

In the identical session, one other speaker bluntly requested whether or not the EU ought to blanketly ban crypto-asset buying and selling primarily based on Bitcoin’s proof-of-work algorithm. Though the reply to this query has been redacted to guard the “ongoing decision-making course of,” she highlights that such motion was clearly contemplated.

Probably the most damning assertion, nevertheless, got here in the direction of the top of the assembly when officers mentioned the results of a doable ban on buyers. “How would [the] Bitcoin disappearance impacting customers?” requested a stakeholder. “Individuals in BTC are absolutely conscious of the volatility of foreign money/funding threat. Do not want further protections,” was written in response.

These concerned within the dialogue do not appear to care concerning the 1000’s of individuals all over the world for whom Bitcoin acts as a lifeline. From Ukrainians utilizing cryptocurrencies to flee struggle to Argentines investing in Bitcoin to keep away from inflation, the EU appears to be ignoring the advantages of Bitcoin’s peer-to-peer decentralized funds system and opting as an alternative to focus solely on vitality consumption.

The elemental misunderstanding of cryptocurrencies was additional highlighted when a stakeholder requested, “What service does Bitcoin present that Solana doesn’t present to society? For those who can show that different cryptocurrencies can work with out proof-of-work, then why not bitcoin?”

For all the advantages that Solana affords, it’s way more centralized than Bitcoin and operates primarily beneath the management of the Solana Basis. Alternatively, Bitcoin is rather more decentralized, permitting extra vitality to be transformed right into a priceless asset, and offering a extra dependable and uncensorable technique of buying and selling peer-to-peer belongings.

The identical lack of information is manifested in calls to “change the code” in reference to a current Greenpeace marketing campaign to get Bitcoin to modify from proof-of-work to proof-of-stake. Whereas this mantra is well-liked with EU politicians and environmental organizations, these teams fail to grasp that Bitcoin isn’t closely influenced by a single entity like Solana. There isn’t a group you may foyer to bend Bitcoin to your will; it’s a decentralized community of particular person actors.

The doc launched right this moment by Netzpolitik, whereas revealing, covers a gathering that passed off in November 2021. Since then, the European Parliament has voted in opposition to laws calling for a ban on proof-of-work mining. Nonetheless, the doc supplies priceless perception into some EU officers’ approaches to regulating Bitcoin. Whereas proof-of-stake cryptocurrencies seem secure, Bitcoin is prone to stay a contentious difficulty in European politics.

Disclosure: On the time of writing this text, the creator owned ETH and several other different cryptocurrencies.

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, EU officers contemplate banning bitcoin buying and selling: report

, EU officers contemplate banning bitcoin buying and selling: report

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