Sweden’s central bank calls for total ban on bitcoin mining

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The Swedish central bank (Riksbank) has demanded to prevent the adoption of bitcoin in the country, worrying about financial stability and the environment.

Central Bank published report “Cryptocurrencies and their impact on financial stability”, in which he cited the results of his own research on proof-of-work (PoW) mining. The report argues that cryptocurrencies mined in this way should be banned in the country, as PoW is an energy-intensive method that affects the environment.

According to the report, Sweden now has a crypto-assets mining operation that annually consumes as much electricity as 200,000 households.

The document rejects the very possibility of accepting BTC in the country, despite the fact that Sweden is a haven for many bitcoin startups.

Prominent Swedish bitcoin investors such as Christian Ander and Knut Svanholm were quick to argue with the Riksbank’s assertions, saying that if the central bank were truly concerned about the environment, it would “complete all its operations tomorrow and never started again.” Investors suggested that the bank is afraid of losing some control over the financial industry.

According to Svanholm, the Riksbank has no right to persuade someone to use less energy or tell people how to use it, and also said that all the energy used to mine bitcoins is not wasted.

Late last year, Swedish regulators also called for a ban on bitcoin mining and limiting investment in the industry until it becomes green.

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Source: Bits

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