European Union Officials Suggest Ban On Bitcoin Trading Due To Illegal Mining Measures

European Union Officials Suggest Ban On Bitcoin Trading Due To Illegal Mining Measures

According to data received through a freedom of information request, European Union officials debated prohibiting Bitcoin trading during a conference on a proposal to limit Proof of Work mining.

According to a report released by the German digital culture organization Netzpolitik, European Union authorities have suggested that an outright ban on trading Bitcoin (BTC) be implemented in order to reduce the cryptocurrency’s overall energy use.

From the perspective of the crypto community, the most concerning comments came from a document detailing the minutes of an European Union meeting with Sweden’s financial advisor and an environmental protection agency. 

Officials suggested that regulators try to force the Bitcoin system to switch to a Proof of Stake (PoS) framework.

Another unidentified speaker indicated that the EU may impose a general prohibition on trading any crypto assets based on the PoW algorithm.

The document’s response to this query was redacted to preserve the “ongoing decision-making process,” but it does highlight the fact that the EU was really considering such drastic measures.

Officials were mostly unconcerned about the potential impact of an absolute Bitcoin ban on investors and retail traders, noting that all Bitcoin traders are fully concerned about the negative risk.

This revelation comes as environmental organisations and regulators continue to be concerned about Bitcoin’s energy use. According to the Bitcoin Electricity Consumption Index from the University of Cambridge.

Basketball Forever, an Australian media firm, has introduced an NFT project called Hoop Hounds, which aims to improve NBA fan involvement while also providing significant real-world utility for the tokens.

NFT critics have long pounced on the tokens’ alleged ineffectiveness, with right-click save memes circulating. However, utility-focused NFT ventures, such as Top Shot, have recently risen in popularity, providing holders with unique access to real-world events and items.

Basketball Forever, Forever Network’s NBA-focused subsidiary, has generated strong levels of social media involvement in Australia over the last four years and is attempting to improve that strategy with NFTs.

Users who mint Hoop Hound NFTs, for example, receive real-world fan mementos and artifacts, regardless of their location.

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