The financial supervisory authority of Sweden, Finansinspektionen, has recently called for a ban on crypto mining as it considers it burdensome to climate.
With cryptocurrency mining requiring large amounts of electricity, crypto miners continue to move towards renewable energy sources aware of its carbon footprint. Strangely enough, Sweden believes that this is a problem.
The Finansinspektionenen stated:
“Sweden needs the renewable energy targeted by crypto assets by crypto asset producers for the climate transition of our essential services, and increased use by miners threatens our ability to meet the Paris Agreement”
The regulator advised:
“Energy-intensive mining of crypto assets should therefore be prohibited.”
The announcement, that is also shared by Sweden’s Environmental Protection Agency, is made amid the COP26 conference, where global activists come together with their environmental concerns to call onto government leaders to act, specifically with the use of renewable energy sources.
Home to an abundance of green energy sources, the Swedish regulator evidently has a dark view of crypto assets. It has put forward three proposals to deal with crypto mining.
Firstly, the government body calls for an outright ban on “proof of work” mining.
A second proposal comes in the form of a policy whereby Sweden would impose measured that would suspend any new mining sites to go up in the country.
The third solution, according to Finansinspektionen, companies that trade and invest in “proof of work” cryptocurrencies, such as Bitcoin, should not be allowed to call their activities sustainable.
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