EU regulator proposes to ban Proof-of-Work algorithm
The Vice-Chair of ESMA put forward this idea for climate conservation
20.01.2022 - 09:55
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What’s new? Erik Thedéen, Vice-Chair of the European Securities and Markets Authority (ESMA), insists that the European Union ban cryptocurrencies with the Proof-of-Work mining algorithm, including bitcoin. Instead, the EU should give priority to assets with Proof-of-Stake due to its more energy-efficient consumption, the Financial Times reports.
What else did Erik Thedéen add? The Vice-chair suggested that if the EU does not act, carbon dioxide emissions will increase significantly. He noted that the wider adoption of cryptocurrencies means that the focus should now be on energy consumption.
“The financial industry and a lot of large institutions are now active in cryptocurrency markets. We need to have a discussion about shifting the industry to a more efficient technology […] The solution is to ban Proof-of-Work.”
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