Sweden Calls for EU to Ban Bitcoin and Ethereum Mining

Coming on the heels of China’s ban of Bitcoin and Ethereum cryptocurrency mining in the country, the heads of Swedish financial and environmental protection authorities this month published an open letter to the Swedish and the EU governments calling to ban energy-intensive cryptocurrency mining. 

“The social benefit of crypto-assets is questionable,” wrote Erik Thedéen, Director General at the Swedish Financial Supervisory Authority, and Björn Risinger, Director General at the Swedish Environmental Protection Agency, in the open letter (via The Register). “The consumer risks are significant, and crypto-assets are commonly used for criminal purposes. Crypto-assets also have a significant negative impact on the climate as mining leads to both large emissions of greenhouse gases and threatens the climate transition that needs to happen urgently.”