Swedish Government Against Crypto Manufacturing

By | November 17, 2021

The Swedish Financial Supervisory Authority insists on prohibiting the production of crypto-assets. The main reason for the purpose is the danger for the ecosystem from large CO2 emissions. The Swedish Environmental Protection Agency supports such a decision. Find the latest global cryptocurrency news to stay tuned.

The Swedish Financial Supervisory Authority doesn’t see the necessity of cryptocurrency at all. It seems more problematic than useful for the government. According to the statement, crypto manufacturing affects climate change.

Recent research by the University of Cambridge has demonstrated how much electricity is used by the leading crypto-assets such as Bitcoin and Ethereum. The amount is twice higher than Sweden’s annual electricity use.

Extremely large carbon emissions are caused by countries with low energy prices, where the majority of crypto manufactories are based. After the Bitcoin price increased, the life of old fossil-based energy producers, which are still popular in such countries, has extended as well.

The Swedish government plans

The Swedish Financial Supervisory Authority has a plan of decreasing the emissions to the ecosystem. First of all, the Authority asks the EU to consider a ban on the crypto-assets production, and especially on proof of work method. The Sweden government, in its turn, guarantees to take measures to stop the intensive energy-using for crypto-asset. The Swedish government also asks to ban the crypto-mining option for the companies that used the proof of work method.

The Swedish Authority hopes for these measures to be taken by the EU. The main purpose is to stop the climate changes partly caused by crypto-assets manufacturing.

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