[Blockchain Today Reporter Ji-Hye Han] Former British lawmaker Nick Boles, who served as a member of the National Assembly from 2010 to 2019, argued that bitcoin should be banned.
“Bitcoin has a negative impact on the environment,” said former Congressman Nick Balls, who had been elected to the National Assembly in Grantham and Stamford, UK.
His tweet is a retweet of a tweet by BBC reporter Rory Cellan-Jones stating that “the energy consumption generated by Bitcoin exceeds Argentina’s annual energy consumption.” This claim is based on the’Cambridge Bitcoin Electricity Consumption Index’ data collected by the University of Cambridge.
“The central bank should stop trading Bitcoin.” And if you hold bitcoin and want to trade bitcoin, you have to change it to a harmless currency like bitcoin.” He said, “There is a cryptocurrency that has not harmed the real world,” he said, and that users need to use a network that has proven to be environmentally friendly.
Bitcoin’s energy consumption has also been pointed out within the cryptocurrency industry, and there have been discussions on ways to reduce the impact of cryptocurrency mining on the environment. The electricity consumed by bitcoin reaches 77.9 TWh per year, and the amount of greenhouse gases produced by bitcoin mining is equivalent to the amount generated in New Zealand per year.
Except for recent years, there hasn’t been a lot of commentary on Bitcoin by former Congressman Balls on Twitter. Currently, there are no laws that strictly regulate bitcoin in the UK, and bitcoin is usually considered a foreign currency.
Former Congressman Balls left the Conservative Party over Brexit in 2019, and is known to have argued that the use of bitcoin should be stopped at the government level.