EU Secretly Discusses Bitcoin Ban And Argentina Goes Crypto Crazy

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Last Updated on 25 April 2022 by CryptoTips.eu

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Internal EU documents, published by a German website this weekend show that the European Commission clearly prefers Ethereum over Bitcoin. Over in South America, Bitcoin has become a way of life for many Argentineans eager to escape crippling 50% inflation.

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EU prefers Ethereum over Bitcoin

The European Commission is eager to show it’s 400 or so million citizens that it cares about the environment and is modern as well. And so it is clear that the Europarliamentarians have to have an opinion on all things crypto. But with energy consumption and greenhouse gasses directing political viewpoints, they apparently prefer the planned energy-reducing upgrade to ethereum, the second-largest cryptocurrency after bitcoin, over the world’s biggest crypto coin itself, which they see as ‘non-green’.

Internal EU documents published by German website Netzpolitik show meeting minutes that stated:

If ethereum is able to shift to Proof of Stake, we could legitimately request the same from Bitcoin. We need to ‘protect’ other crypto coins that are sustainable. Don’t see [the] need to ‘protect’ the bitcoin community.

Even an outright ban of Bitcoin was apparently discussed. “How would the disappearance of bitcoin affect consumers,” asked one official involved, with the response being noted as: “Participants in bitcoin are fully aware of the volatility of the currency/investment risk.”

Argentina Goes Crypto Crazy

The year-on-year rate of inflation in Argentina is currently at a staggering 50%. If you thought that the European Union’s 8% (in the Netherlands it’s 12%) or the American 7% is a bad rate, try imagining that all prices on average go up 50% per year. This is what Argentineans are currently facing, and thus Bitcoin is more popular than ever.

María Mercedes Etchegoyen, a lawyer specialising in intellectual property, explained to the BBC this weekend that during ” the pandemic, people noticed this situation, and to protect their money they chose to look for an asset that was limited. I think this is like a revolution for young people.”

The Argentinean government, keen not to lose the vote of it’s younger population, is taking a relaxed view on crypto so far, leaving it unregulated.