Officials say that the EU cannot prohibit the exploitation of Bitcoin!

According to an EU Commissioner, cryptocurrency mining is completely legal in Europe, and only standard power regulations are followed.

In a statement released last week, Mariya Gabriel, the European digital economics and social commissioner, explained the concerns about the energy-intensive nature of cryptocurrency mining and clarified the regulatory status of the industry.

Gabriel said:

“If the energy consumed by this activity is produced according to law, then there is no legal basis to prohibit or limit it... Since the exploitation of cryptocurrency is not an illegal activity, the Commission has not taken any measures to track it, so far. “

However, as a power-consuming economic activity, the mining industry complies with EU regulations on “energy efficiency, power sector and greenhouse gas emissions,” she added.

Gabriel added that the European Commission will continue to examine the impact of cryptocurrencies on energy consumption and demand.

As mentioned by the Commissioner, it is unclear how much bitcoin is being mined in the EU.

She pointed out that mining activities are still concentrated in China, although there are signs that regulators may take action to crack down on the industry.

“However, it cannot be ruled out that certain parts of the mining are done in the EU,” Gabriel said.

According to the “Washington Post” reported that Iceland uses hydroelectric power stations to produce most of its electricity, the potential cryptocurrency exploitation projects it currently owns may support more than the island’s energy supply. However, Iceland is not a complete EU member state but is part of the European Economic Area.

Experts told the Post that bitcoin mining consumed only about 0.14% of global power generation - some people in the blockchain industry believe that this problem has inspired experiments with sustainable energy solutions.