Wednesday, July 6, 2022 8:01 am
The debate over cryptographic regulations has been overlooked by sustainability concerns, and new research shows that it masks the negative environmental impact of cryptography.
Data from regulatory technology provider CUBE showed that only 0.1% of 2022 cryptographic regulatory issuances focused on sustainability. The data does not take into account the EU MiCA regulations agreed last week.
“Global regulators are advocating a more environmentally friendly financial system and are actively working to put cryptocurrencies under their wings, but the negative environmental impact of cryptocurrency mining is clearly overlooked. I’ve been, “says the study.
The energy used to mine cryptocurrencies, the process of solving complex puzzles and extracting cryptocurrencies using powerful computers, consumes a significant amount of energy and has a negative impact on the environment.
Ben Richmond, CEO of CUBE Global, said, “To resolve the conflict between cryptocurrencies and climate risk, global regulators need to push regulations to ensure that both can prosper without compromising the other. “.
He also does this globally to avoid “complex sustainability issues and” siled regulatory networks across multiple jurisdictions that stunt rather than stimulate innovation. ” I said it was necessary.
