Swedish financial watchdog calls for ban on energy-intensive cryptocurrency mining

According to Decrypt on November 6, the Swedish financial regulator Finansinspektionen called for a ban on energy-intensive cryptocurrency mining during the COP26 meeting, saying that cryptocurrencies pose a threat to the climate. Cryptocurrency mining requires a lot of electricity, so amid growing criticism, some cryptocurrency miners have turned to renewable energy.

Crucially, however, this raises additional issues for Sweden. The regulator said: “Sweden needs renewable energy from crypto producers to achieve the climate transition of our essential services, while increased use by miners threatens our ability to meet the Paris Agreement.”