Cryptocurrencies in Europe could be at real risk for several reasons. The European Union has decided to start deciding on restrictions on cryptocurrencies and so on. Cryptocurrencies are really a huge electricity guzzler and if you want to make money you will definitely use a lot more electricity than anyone else.
That is why various restrictions are also in the pipeline and that is what most of the users of blockchain and various cryptocurrencies are afraid of. Because it is not absolutely clear what the European Union is going to come up with and people are worried that they will only be able to use, for example, a certain amount of electricity.
One day, a few words against cryptocurrencies and various other blockchains in the European Union got carried away. There was some talk about a few things and even some that will limit all cryptocurrency, which is mainly about Bitcoin and other more well-known cryptocurrencies.
It is about limiting cryptocurrencies in Europe to a certain amount and also creating some laws that can maintain them. Some, including Ukraine’s Deputy Prime Minister M. Fedorov, called for cryptocurrency exchanges to ban all Russian transactions.
However, the EU is citing environmental concerns as its main reason for cracking down on cryptocurrency in the radical proposal. The draft aims to limit the use of cryptocurrencies because of its high energy use.
Because mining and using Bitcon is a really big use of electricity. It was calculated that for a few miners the electricity can reach as much as Finland consumes in a whole year.
The European Union has been talking about cryptocurrencies for some time now, but only recently has it resorted to any action that will sustain these cryptocurrencies. What it will do is not yet clear.
But it depends mainly on how the European Union will approach it, because there are already several countries in the world that wanted to ban cryptocurrencies altogether because they were liquidating paper money.
Indonesia, for example, banned cryptocurrency in November from all Muslims, but most cryptocurrencies were not harmed at all and moved on.
Cryptocurrencies should follow “minimal environmental sustainability requirements with respect to their consensus mechanism used for validating transactions, earlier than being issued, supplied or admitted to buying and selling within the Union,” one draft proposal sighted by CoinDesk.
One crypto professional stated the transfer was regarding and the vote later right now was extremely necessary. Jeremy Allaire, founding father of Circle Pay, wrote on-line: “Extraordinarily excessive stakes vote within the EU.
“That such a proposal made it this far is awfully concerning and unlikely to face as much as sensible actuality.”