Gabriel: EU Can’t Prohibit Crypto Mining Due to Electricity Concerns

According EU Commissioner for Digital Economy and Society, Mariya Gabriel, cryptocurrency mining is absolutely legal in Europe and is only subject to standard electricity rules.
Gabriel has recently released a statement going through the public’s apprehensions regarding the power-exhaustive nature of cryptocurrency mining, while also clarifying the regulatory status of the industry.
A snippet from the statement said: “If the energy for this activity is produced according to law, there is no legal basis to forbid it or even limit it…. As mining of cryptocurrency is not an illegal activity, the Commission did not put in place any means to track it, so far.”
Still, as an electricity-utilizing economic endeavour, mining is subject to rules involving “energy efficiency, the power sector and greenhouse gases emissions” added Gabriel.
She also pointed out that although mining is currently concentrated in China, it cannot be taken out of consideration that Europe is also active in mining. This is the reason why the European Commission would proceed with “reviewing the growing impact of cryptocurrencies have on energy consumption and demand.”

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