During a debate about proof of work, an official asked whether the European Union should ban bitcoin trading. Another special statement is that the EU must force the bitcoin community to proof of stake.
This can be read in the report of the debate, 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 for a ban on Bitcoin.
Energy consumption Bitcoin
The German Netzpolitik has this document (PDF) requested and published. It contains special questions and comments, all of which are intended to reduce the energy consumption of proof of work coins such as bitcoin.
The fictitious document contains minutes of a meeting between the Swedish financial regulator and an environmental organization. Why Sweden? Because many bitcoin miners are located here. According to the regulator, this is because it is cold in Sweden, so miners do not have to cool their equipment. In addition, there is a lot of cheap, sustainable energy available and miners receive tax benefits for the purchase of their computers.
Yet it appears from the entire document that people are not a fan of this, “renewable energy is frugal and should be used for things other than mining bitcoin.”
Dwing bitcoiners tot proof of stake
One attendee said the bitcoin community should do the same as the ethereum community. Ethereum because it switches in another way to reach consensus between users, namely by using proof of stake. This is exactly what they are suggesting for bitcoin, and if they don’t want it, then the EU should put pressure on it.
“Ethereum started transitioning to PoS because of its community…if Ethereum can do it, we can legitimately ask the same of the Bitcoin community. We need to protect other cryptocurrencies that are sustainable. We do not see the need to protect the Bitcoin community.”
Ban Bitcoin trading
Another anonymous speaker asked whether the EU could ban the trading of all cryptocurrencies using proof of work. It would then be prohibited to buy or sell bitcoin.
The answer to this question was unfortunately completely fictionalized in the document to protect the “ongoing decision-making process”, but it at least notes that EU members are considering such a drastic measure.
Own responsibility
Attendees are also speculating on what such a ban could mean for investors. It comes down to your own fault big bump:
“Participants in BTC are fully aware of the volatility of currency/investment risk. We do not need additional protective measures.”
Somehow they have a point, anyone who invests in bitcoin and crypto knows that there are risks involved and there are no guarantees. That’s a good thing, because it means that every bitcoiner is responsible for whatever investment behavior she or he feels comfortable with. It’s just a shame that this good behavior is used as a batting stick.
Other EU matters
The EU’s Committee on Economic and Monetary Affairs recently voted against legislation calling for a ban on proof of work. However, this document offers insight into how far some EU officials are willing to go to crack down on bitcoin’s energy consumption.
Related News: The European Parliament Has Anonymous Crypto Transactions forbidden.
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