ENB Publishers Note: With China banning Crypto mining last year, the mining servers and data centers arrived in the United States shortly after. Now the U.S. is 35% of the energy used in the world to mine for Bitcoin. That is a lot of greenhouse gases used, and with the EU and Russia looking to ban Crypto mining, it could be a huge pollution issue for the United States. If Crypto mining is handled correctly, it can be used in energy companies within ESG guidelines. Based upon the current political climate, the proper actions would not be implemented or even talked about. The U.S. consumers would again be left “Getting it in the drive-through” paying for the higher cost of energy. It would also be a boon for investors as Crypto prices will go up with fewer miners.
Source: Bloomberg
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Telegram CEO says the ban will hamper blockchain development
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Bank of Russia has proposed outlawing crypto mining, trading
Russia’s proposed ban on cryptocurrencies could destroy several technology industries and drive IT professionals abroad, said Pavel Durov, CEO and co-founder of the Telegram messaging app.
“The Bank of Russia suggesting a total ban on cryptocurrencies is throwing the baby out with the bathwater,” the Russian-born Durov wrote Saturday in his Telegram channel. “None of the developed nations is banning cryptocurrencies.”
Earlier this week Russia’s central bank proposed a ban on the creation and use of all cryptocurrencies, citing dangers posed to the country’s financial system. The central bank likened cryptocurrencies to pyramid schemes and said they undermined the sovereignty of the nation’s monetary policy.
Russia’s ban will inevitably slow down blockchain technology development, Durov said.
The proposed rules won’t apply to assets held abroad, and people with offshore exchange accounts will still be able to trade crypto, said Elizaveta Danilova, head of the central bank’s financial stability department. The regulator also took aim at crypto mining, which it said hurts the country’s green agenda and puts Russia’s energy supply at risk.
Source: The Bank of Russia