THELOGICALINDIAN - The regulator warned adjoin ProofofWork but bidding artlessness to ProofofStake protocols
A arch EU regulator, Erik Thedéen, has pushed for banning Proof-of-Work mining amidst apropos over its absonant activity consumption. As of now, this would entail banning mining for both of the two better cryptocurrencies, Bitcoin and Ethereum, admitting the closing is slated to move to Proof-of-Stake this year.
Regulator Proposes Proof-of-Work Ban
A arresting regulator has alleged for the absolute banning of Proof-of-Work cryptocurrency mining, citation ecology and activity acceptance concerns.
Per the Financial Times, the vice-chair of the European Securities and Markets Authority, Erik Thedéen, speaking on Proof-of-Work mining’s addiction to impede advance on altitude change, has said that “the band-aid is to ban Proof-of-Work.” He did not alarm for a ban on cryptocurrencies, but rather has alleged aloft the industry to focus on the added energy-efficient Proof-of-Stake blockchain validation method.
The arresting regulator accordingly serves as director-general of Sweden’s Financial Services Authority and armchair of acceptable accounts for the International Organization for Securities Commissions. He has alleged cryptocurrency mining a “national issue” for Sweden, as added miners backpack to that country to antecedent ability added sustainably.
Last November, Thedéen, alongside the director-general of the Swedish Environmental Protection Agency Björn Risinger, similarly called for the prohibition of energy-intensive crypto mining because, alike if conducted application acceptable resources, it accouterment assets abroad from other, added acute activities.
In their November report, the directors-general said that “the amusing account of crypto-assets is questionable” and cited assorted adverse statistics on the activity acceptance of Proof-of-Work, including the adding that the carbon brand of Bitcoin and Ethereum accumulated is according to 100 actor round-trip flights amid Sweden and Thailand anniversary year.
Thedéen remarked:
“We charge to accept a altercation about alive the industry to a added able technology. The banking industry and a lot of ample institutions are now alive in cryptocurrency markets and they accept [environmental, social, and governance] responsibilities.”
Disclosure: At the time of writing, the columnist of this allotment endemic BTC, ETH, and several added cryptocurrencies.
