Following China

In May of 2021 China officially banned crypto mining in its country, which caused a massive outflow of Bitcoin mining companies to Kazakhstan and Pakistan. And it made Kazakhstan the second largest Bitcoin mining country in the world, because if this move. But from a communist country like China, one could expect such decisions. But now suddenly, there is a combined force trying to ban mining and crypto trading worldwide.

First the EU

Erik Thedéen, vice-chair of the European Securities and Markets Authority, said yesterday to the Financial Times that it is time to ban Proof of Work mining. Because it requires too much energie, and especially renewables, as lots of mining happens with solar panels in the EU. He is suggesting in the next sentence that Bitcoin and other Crypto currencies should change from Proof of Work to Proof of Stake, like the Ethereum network.
Very weird that a spokesman of the European SEC wants to have his say in the minting of new coins of crypto currencies. You would think he is holding a bag, and wants easy money by moving to proof of stake...

Then Russia is very harsh

Today Reuters released this statement: > Russia's central bank on Thursday proposed banning the use and mining of cryptocurrencies on Russian territory, citing threats to financial stability, citizens' wellbeing and its monetary policy sovereignty. A very harsh statement that is quite uncontrollable in a country with the size of Russia. But it makes the miners fearful. As Russia is the third largest Bitcoin mining country in the world. These combined statements so shortly following each other by both the EU and Russia, makes me think the secretive Davos meetings that are being held behind computer screens these days, have set up a plan to try to ban crypto currencies, or at least make it very hard for people to make use of them.

But this plan could backlash very harshly, especially for a country like Russia. If you take into account that over 5 Billion dollars worth of crypto is held by Russians on Binance alone... A ban could make a lot of Russians poorer, and make the Russian economy weaker. Imagine how much capital could be abolished by this move.

I think the Word Economic Forum is behind this, of course it is very hard to prove this, but it feels like they are trying to tighten the noose for all crypto lovers. They can try, but they won't succeed, that is for sure.

Sincerely,

Pele23

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