- ECB Official to Ban of Bitcoin and impose Carbon taxes on crypto transactions
According to the latest reports of the European Central Bank (ECB), if variation in climate is found, Carbon taxes will be charged on the crypto transactions, forbidding Bitcoin mining operating on the Proof-of-work principle.
Officials of the European Central Bank have decided to regulate Gasoline operated vehicles to cut down greenhouse gas releases.
Analysis of reports of EU says that “It isn’t reassuring to hear that officials and higher authorities have decided to halt the usage of petrol automobiles for a certain period. To shut its eyes to Bitcoin–like property based on proof–of–work expertise, with huge footprints of power consumption for countries and annual carbon discharges that currently eliminate the majority of Euro space–based international countries‘ last and desired climate change (GHG) savings in financial costs“.
The Public authorities have the selection of Encouraging the crypto model of the electrical automobiles that works on (proof–of–stake and its numerous blockchain working Principles) or determining and restricting the crypto model that works on fossil gasoline automotive (proof–of–work blockchain working Principle).”
The reports state that it is attainable for management to do nothing. Still, it is more likely to face drawbacks in an absolute ban on Bitcoin mining and many other cryptocurrencies and products that work on a Proof-of-work mechanism and the introduction of Carbon taxation on the transaction of digital assets.
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Conclusion
According to many reports from the last few years, more than five countries faced many climate problems like severe heat waves, the sudden temperature rises, and malfunctioning power generating resources in the first week of July. Texas faced severe heat waves in their country and has recorded the country’s highest and most historical temperature. And texas has also halted all kinds of mining, including Bitcoin mining, because of the power crisis and extreme heat waves.
Source: https://www.thecoinrepublic.com/2022/07/14/ecb-official-said-banning-bitcoin-and-imposing-carbon-taxes-on-crypto-transaction-due-to-climate-change/