A document received via a freedom of information request reveals the methodologies proposed by European Union authorities to assist reduce Bitcoin’s energy use. The paper implies that, in addition to requiring the top cryptocurrency to move to a Proof-of-Stake validation mechanism, an outright ban on trade is also in the cards.
New documents reveal that EU officials dislike Bitcoin.
Netzpolitik, a digital rights organisation, released a report on Thursday highlighting the extent of anti-Bitcoin discussions among European Union authorities. Several papers received via freedom of information requests show how far discussions on prohibiting Bitcoin mining and trade have proceeded in the EU.
One document, that included minutes of an EU meeting with Sweden’s financial regulator and environmental agency, covered the country’s growing Bitcoin mining industry. One speaker questioned whether the government might put pressure on Bitcoin to switch to the less energy-intensive Proof-of-Stake validation method.
Another speaker at the same conference questioned openly if the EU should impose a blanket ban on trading crypto assets based on Bitcoin’s Proof-of-Work algorithm. Although the response to this question was deleted to safeguard the “ongoing decision-making process,” it clearly indicates that such actions were being considered.
The most damning statement, however, came towards the conclusion of the conference, when authorities considered the implications of a possible investment ban. “How will [the] loss of Bitcoin affect consumers?” inquired one participant. “BTC participants are completely aware of the currency/investment risk volatility.” “No further safeguards are required,” was written in response.
