Sweden proposes to ban bitcoin mining

The Swedish central bank (Riksbank) is demanding to prevent the adoption of bitcoin in the country, worrying about financial stability and the environment.

The Central Bank has published a report titled «Cryptocurrencies and their impact on financial stability,» in which it cited the results of its own research on proof-of-work (PoW) mining. The report argues that cryptocurrencies mined in this way should be banned in the country, as PoW is an energy-intensive method that affects the environment.

According to the report, crypto-asset mining is now established in Sweden, consuming as much electricity as 200,000 households annually. The document rejects the very possibility of accepting BTC in the country, despite the fact that Sweden is a haven for many bitcoin startups.