Frankfurt joins Beijing in banning mining. This is a sign of Europe’s declining importance in the financial, economic and technological context, a situation to which it has condemned itself, and in which it has no one to blame.
It’s time to sound the alarm, although the European Central Bank goes quite far in this matter by publishing a report that again talks not only about DeFi, but also about the consumption of Bitcoin mining. An issue that we have already studied enough and which, however, no one in Europe seems to want to consider from positions that have at least some meaning. But let’s continue in order.
Everyone is Against Bitcoin Mining
Perhaps a tough stance, but it was the ECB that dropped the mask. Three different reports have been published in which cryptocurrencies are viewed from different angles, with a curious parallel with the world of cars. A parallel that makes no sense, but which, nevertheless, will serve as a sweetener pill, at least for part of the electorate. And so, reports:
Promotion of PoS systems
Following in some way the path started by the IMF, even the ECB, with its inherent nudge, praises the magnificent destinies and progress of Proof of Stake systems, which pollute the environment less, consume less energy and, we would add, are more easily controlled by government agencies.
ESG as a tool of political control
And this is what many experts have been pointing out for a long time, namely: the entire complex system of ESG rules will at some point be used to attack Bitcoin. And not because it pollutes the environment, but because it is difficult for the authorities to control it. A Trojan horse that pretends to be interested in ecology, but in fact pursues, at least, according to many, completely different goals.
Links to China, ESMA and the Paris Agreement
The links contained in the document are puzzling. In fact, the vice-president of ESMA is mentioned, who, speaking in a personal capacity, pointed to the prohibition of Proof of Work as a kind of desirable goal. In the same way, China is mentioned, which is now, obviously, the beacon of Brussels’ choice not only in the field of cryptocurrencies, with a ban on mining activities on its territory. What would have caused heated debate a few years ago is now part of a document issued by the ECB, and which, we are sure, will receive universal political approval.
Should we be alarmed?
We are in a situation where the freedom of European citizens depends on the inefficiency of institutions that would like to suppress it. The schedule of any EU movement is slow, often uncoordinated and difficult to implement. In all likelihood, this approach will remain a “dead letter on paper”, or will be in effect years later, one has only to look at the biblical deadlines associated with the approval of MiCA and its future implementation.
Political measures on the part of the authorities are likely, for example, mandatory disclosure of information, the application of a carbon tax to cryptocurrency transactions or a complete ban on mining.
Hard words, wishful thinking, from those who dream of the disappearance of Bitcoin. The dream of a financial panopticon, against which, however, Bitcoin has all the tools to resist, since it was born precisely to avoid this kind of interference.
It will take more than the ambiguous words of the ECB to endanger the BTC, which will outlive all bureaucrats who only want total financial control over citizens.