According to global news sources, Swedish financial authorities and the European Commission are seeking to ban altcoin projects using Bitcoin and PoW due to its environmental impact.
These altcoin projects could be banned
The decision comes after lawmakers in the European Parliament came close to passing restrictions on the energy-hungry method of crypto mining, which some have described as a Bitcoin ban. Records obtained under EU freedom of information laws show that at a meeting of Swedish financial and environmental regulators in November, the European Commission, together with representatives from the digital policy arm, discussed banning the trading of altcoin projects such as Bitcoin.
“Bitcoin should switch to PoS”
During the conference, an anonymous participant said that Bitcoin’s more environmentally friendly PoS ( He says he should be encouraged to switch to an option such as proof of stake). The Swedish government has already stated that they want to ban altcoin projects using PoW in the future due to environmental concerns. According to a different document, the talks were still ongoing in February and were attended by representatives from the German environment ministry.
“Only targeting the Bitcoin price might work”
It looks like a new energy efficiency directive proposed by the European Commission could be the first step. But for economist Alex de Vries, stopping Bitcoin mining is not a very effective countermeasure to crypto’s electricity hunger. “Improving device efficiency has never reduced Bitcoin’s energy consumption,” De Vries says.
Another altcoin project mentioned in documents apart from Bitcoin and Ethereum: Solana (SOL). However, there are a number of strange phrases used throughout the discussion and it seems that the participants are far from the Bitcoin cosmos. Some of the statements made at the meeting are as follows:
If Ethereum can switch to Proof of Stake, we can legally demand that Bitcoin do the same. As a result, we protect other long-lived cryptocurrencies. The Bitcoin community should not be protected in any way… Fuels used to cool data centers are banned. The environmental damage caused by such industrial techniques has also caused them to be banned due to the danger they pose. Can you tell me what features Bitcoin has that Solana does not have? If we can show that cryptocurrencies can work without the need for PoW, we will show that Bitcoin can work too.
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