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According to European Central Bank Executive Fabio Panetta, policy makers should be “less tolerant” to emerging technologies like Bitcoin and other cryptocurrencies.
Citing the old and debunked adage of high energy needed to mine new coins, Panetta said:
“It would be ideal from a social viewpoint to intervene and have a less tolerant approach towards these activities.”
He also said that Bitcoin related activities are “pure gambling, wasting enormous amounts of energy.”
Panetta then explained that cryptocurrencies are “not used for payments, do not pay any dividend” and have “no economic activity behind them” and “have no social role”, before calling for action:
“The difficulty is how to intervene with this.
It certainly would require a coordinated international effort.”
Lawmakers in the European Union lawmakers are discussing new controversial legislation on Thursday which, if passed, could lead to the end of anonymous crypto transactions and will ban unregulated exchanges.