Talks about a possible ban on the trading of Bitcoin are taking place in the EU at the moment.
A lot of people in the European Union (EU) are talking about and debating putting a stop to Bitcoin (BTC) Proof of Work mining. A Freedom of Information Act request led to this information.
It was reported by a German digital culture group called Netzpolitik that EU officials said they could even stop people from buying and selling Bitcoin altogether. It looks like the amount of energy Bitcoins use might be one of the reasons for this suggestion.
Sweden’s financial supervisor and an environmental group talked about one of the things that worry people in the Bitcoin community. People at this meeting said they should make Bitcoin use a Proof of Stake (PoS) system instead of a Proof of Work (PoW) system.
There is an official who said that this is true.
“Ethereum started moving to PoS because of the people who use it.”
If Ethereum is able to move, we could ask BTC to do the same. We need to protect other crypto coins that aren’t going away soon, too. There is no need for us to protect the Bitcoin community, and we don’t want to.
Another person at the meeting said that all crypto assets that use the PoW algorithm should be covered by a blanket.
Some people thought that a ban on Bitcoin could hurt investors and traders, but EU officials didn’t seem to care about it at all.
It’s thought that “participants in BTC are fully aware of the volatility of the currency and the risk of investing in it.” We don’t need any more safety measures.
When people talk about how much energy Bitcoin uses and what officials are willing to do to fix it, it will keep getting attention.