It is very unlikely that Sweden may have to argue alone before the EU for banning crypto mining as Norway too has come forward by joining the Swedish argument by raising the same objection that crypto mining is environmentally hazardous and therefore must be banned permanently throughout Europe.
According to the Finance Minister of Norway, the Government is working towards promoting clean energy sources. In this spirit, the Government of Norway too has raised objections against the local mining industry where digital coins are extracted. It is the argument of the Norwegian Government that mining involves high consumption of energy sources. In addition, the energy used for extracting digital currencies is not environmentally safe. As a matter of fact, the generation of electricity produces a high amount of carbon which is bad for the regional environment and global climate. Either the crypto mining process should be made clean and environmentally friendly or it should be banned permanently.
Similar was the argument raised by the Swedish Government earlier. Sweden too had objected to the process of crypto minting for being not environmentally safe. The Swedish Government however took the matter before the EU Commission for consideration and pleaded that crypto mining should be banned in Europe. It seems that Sweden is not alone in agitating for a crypto ban before the EU Commission. Sweden’s argument has now been joined by the Norwegian Government and it looks that Norway would be supporting Sweden’s plea before the Commission.
In the meantime, the Norwegian Government had already begun the process of amending certain laws in the country. The Government wants to incorporate changes in the laws with regard to the crypto mining process. The laws, which are going to be amended, would be those relating to the environment and electricity.
The Norwegian Government’s priority is not to ban crypto mining altogether. In fact, the Government wants to provide an ample opportunity for the Norwegian miners to alter their ways of electricity consumption. It is the expectation of the Norwegian Government that the miners in the country, on their own, develop a mechanism of clean energy source.
Norwegian Finance Minister was seen quoting that it would be wrong to disregard the monetary benefits of crypto mining. He also acknowledged the fact that blockchain technology is the technology from the future. However, if there is a situation where a state has to choose between innovation and environment, then the environment should be the choice. Both, the innovation and environment are for the people eventually. However, people can make living without innovation but not without a clean environment.
Initially, it was Sweden that floated the idea of banning crypto mining in the European region. Later, Norway, as well as Iceland too, embraced the Swedish idea. They are expecting more EU members to join their legitimate cause.