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ECB's Panetta Claims Bitcoin Threatens Global Sustainability Efforts

“Bitcoin alone is already consuming more electricity than the Netherlands,” Panetta said.

May 11, 2021 at 3:51 p.m. UTC
Updated Sep 14, 2021 at 12:53 p.m. UTC

European Central Bank (ECB) executive board member Fabio Panetta said the mining of cryptocurrencies such as bitcoin is a threat to global sustainability efforts.

  • In a blog post Tuesday, the Italian economist and ECB executive said the “enormous energy consumption” and associated carbon dioxide emissions of crypto-asset mining could undermine global sustainability efforts.
  • The ECB acknowledged that the COVID-19 pandemic has helped push down carbon dioxide emissions, but that is temporary. Still, crypto mining poses potential harm, Panetta said.
  • “Bitcoin alone is already consuming more electricity than the Netherlands. Controlling and limiting the environmental impact of crypto assets, including through regulation and taxation, should be part of the global discussion,” said Panetta in a statement.
  • In March, ECB’s President Christine Lagarde told Bloomberg, there are plans to roll out a digital euro within four years if policymakers give the project the green light this summer.

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