ECB's Panetta Claims Bitcoin Threatens Global Sustainability Efforts
“Bitcoin alone is already consuming more electricity than the Netherlands,” Panetta said.
May 11, 2021 at 3:51 p.m. UTCUpdated Aug 19, 2021 at 9:20 a.m. UTC
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindeskuat/IW2SKB4A4RFFVOVQ6IHO7PCQ5Y.jpg)
European Central Bank (ECB) executive board member Fabio Panetta said the mining of cryptocurrencies such as bitcoin is a threat to global sustainability efforts.
- In a blog post Tuesday, the Italian economist and ECB executive said the “enormous energy consumption” and associated carbon dioxide emissions of crypto-asset mining could undermine global sustainability efforts.
- The ECB acknowledged that the COVID-19 pandemic has helped push down carbon dioxide emissions, but that is temporary. Still, crypto mining poses potential harm, Panetta said.
- “Bitcoin alone is already consuming more electricity than the Netherlands. Controlling and limiting the environmental impact of crypto assets, including through regulation and taxation, should be part of the global discussion,” said Panetta in a statement.
- In March, ECB’s President Christine Lagarde told Bloomberg, there are plans to roll out a digital euro within four years if policymakers give the project the green light this summer.
STORY CONTINUES BELOW
13:18
Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
05:10
Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
04:07
The first video of the year 2024
40:07
The last regression video of the year 3.67.0
:format(webp)/downloads.coindesk.com/arc/failsafe/user/1x1.png)