Regulation

EU watchdog warns of climate threat from cryptos that rely on too heavily on renewable energy

ESMA vice chair Erik Thedéen, said Bitcoin is now a national issue for Sweden due to the amount of renewable energy devoted to mining

The European Union urgently needs to ban a form of cryptocurrency mining that is relying heavily on renewable energy, and poses a threat to climate-change goals, a top regional regulator said on 19 January.

"The solution is to ban 'proof of work'," Erik Thedéen, vice-chair of the European Securities and Markets Authority, told the Financial Times in an interview.

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