EU Official: “No Basis To Forbid Mining If Energy For it is Produced Legally”

EU Official: “No Basis To Forbid Mining If Energy For it is Produced Legally”

Governments all over the world remain skeptic about cryptos for a wide range of reasons – from potential money laundering to terrorist supply. Another reason for officials’ concerns is that crypto mining consumes a lot of energy, contributing to the negative impact of human activities on the climate.

However, the European Union is not going to taboo the production of bitcoins and its brethren as long as the energy for it is generated legally. This is the explanation, given by the European Commission official Mariya Gabriel.

EU’s Friendly Towards Cryptos?

On March 9, Gabriel released an official statement, in which she turned to the issue of energy-consuming nature of crypto production and clarified the position of the EU concerning the niche.

In particular, she said that there is no legal basis for banning bitcoin mining if it complies with European standard electricity laws.

“As mining of cryptocurrency is not an illegal activity, the Commission did not put in place any means to track it, so far," Gabriel added.

At the same time, the European Commissioner for Digital Economy and Society emphasized that EU acknowledges the global anxiety over cryptos, regarding mining practices.

Therefore, the organization will keep an eye on crypto mining to prevent greenhouse gases emissions.

Gabriel, however, added that there is no data about how much crypto mining is carried out on the territory of the EU. She emphasized that the most of mining practices are conducted in China, where electricity is considered to be one of the cheapest.

By the way, Gabriel is not the first top official who raises the topic of energy consumption boosted by bitcoin mining.

Earlier, the head of the International Monetary Fund Managing Christine Lagarde discussed this issue. However, she was more distrustful of it than Gabriel.

Lagarde, in her turn, stressed that mining is over energy intensive and it is consuming as much power as all G-20 countries.

Keep Up With October Crypto Events Checking Out This Quick Roundup
Top Crypto Market News Of October You Should Catch Up WithDo you think the world is turning more crypto-crazed day by day? There’s no limit to your...
A Collection Of Fresh Crypto News For Those Who Missed Out
The Major Roundup On The Latest Crypto News In The World The last month has been full of events and brought even more pressure on local...
What To Expect From A Cryptocurrency Market In 2020
Crypto market has always been a good target for speculation, shady schemes, and "bad guys". It's also very controversial, especially for financial...
Influence of Recent Cryptocurrency Boom: Does It Still Hurt?
Crypto Exchange Agrees With Reports Showing 51% Attack On Ethereum Classic Bitcoin is a decentralized digital currency (also known as...
Cryptocurrency Exchange Security Levels
The growing interest in cryptocurrencies has led to the emergence of a wide selection of both digital money and the sites where you can exchange one...
Belarusbank Considers Setting Up Crypto Exchange
Last year March Belarus introduced a decree by which it legalized cryptos and some activities related to them. This made Belarus a frontrunner in the...
Nasdaq CEO Believes Cryptos Have Place in Future in Economy
Almost two months ago Nasdaq’s representative Joseph Christinat confirmed the rumours that in 2019 the American stock exchange might launch BTC...
Report: Leaders of South Korean Crypto Exchange Komid Face Jail After Fraud
This week the Asian crypto-market has been rich in the news. Earlier it was reported that Japan finally approved Coincheck’s official status as cyber...
Crypto-Expert Brian Kelly Says 2019 Will Bring No Approval to BTC ETF
For the past year, various ETF-projects have been failing to receive the green light from American regulators. And despite the bullish ambitions of...
Ethereum Classic 51% Attacker Reportedly Returned $100,000 to Exchange
Cyber money exchange has informed the general public about the return of previously stolen $100,000 worth Ethereum Classic units. According...