Policymakers should be “less tolerant” of technology like Bitcoin, according to Fabio Panetta of the ECB (European Central Bank), citing the considerable energy required to create a new currency. The remarks come as European Union legislators prepare to vote on controversial plans on Thursday that may criminalise anonymous crypto transactions and cut off unregulated exchanges from the financial system.
From a societal standpoint, “it would be ideal to intervene and have a less tolerant approach to these activities,” Panetta, a member of the European Central Bank’s executive board, told the Economic Affairs Committee of the European Parliament. Bitcoin-related actions, he claimed, are “pure gambling that wastes vast quantities of energy.” He claims that the crypto assets are “not used for payments, do not pay any dividends, and have no economic activity.” “They don’t play a societal role.”
He further stated:
“The issue is determining how to intervene. A concerted worldwide effort would almost certainly be required.”
His comments came in response to a query from Eero Heinäluoma of Finland, a socialist EU politician who said that Russia was using bitcoin (BTC) “as a weapon to escape sanctions.” Just two weeks ago, the committee narrowly rejected legislation that may have imposed limits on currencies like bitcoin due to the environmental impact of the proof-of-work system it employs.
What do you think about ECB views? Comment below.
Read more: Ruble denominated crypto volume fall continues after ECB warns Russia again on sanction
![Pinterest](https://pinterest.com/pin/create/button/?url=https://cryptoshrypto.com/ecb-does-not-want-to-tolerate-bitcoin-easily/&media=https://cryptoshrypto.com/wp-content/uploads/2022/03/ecb.gif&description=Policymakers should be "less tolerant" of technology like Bitcoin, according to Fabio Panetta of the ECB (European Central Bank)){kind=link}