PRESS RELEASE: German Politicians Are Considering a Ban on Bitcoin and Other Digital Coins

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May 18, 2019
PRESS RELEASE: German Politicians Are Considering a Ban on Bitcoin and Other Digital Coins
May 18, 2019

Some politicians in Germany are publicly discussing the idea of banning crypto assets . Some public representatives of the left-wing parties want Bitcoin and other crypto coins to be outlawed in Europe.

Political support for crypto ban growing

Around the world, several politicians are considering a total and complete ban on cryptocurrency assets. Recently, US Congressman Brad Sherman and economist Joseph Stiglitz called for a ban on digital currencies. Crypto enthusiasts are asking if the limited technological proficiency of these politicians and economists is blurring their view of digital assets.

According to local media outlet Grunderszene, a left-wing political party called Die Linke recently released its election campaign manifesto for European Parliamentary. The party is moving towards the May 26 elections will the aim of creating policies against an “EU of millionaires.” However, their main argument against digital currencies is based on environmental protection.

Bitcoin is a mineable digital currency, i.e., a blockchain network with block producers or “miners” who solve complex mathematical puzzles to create a new block. This process is very power intensive and German leftists are not impressed with such huge electricity consumption of the crypto.

Is Die Linke against Bitcoin only?

It is unclear whether Die Linke is only against cryptocurrencies following energy intensive proof-of-work (PoW) model purely on the basis of strain on power resources or it includes proof-of-stake (PoS) based cryptos in the ban as well. Note, that PoS-based digital coins consume much less power and are considered faster as well.

Like many others who intend to ban digital currencies, the party has not suggested how exactly it aims to execute such a plan. It is important to note that Bitcoin is a decentralized network, and no central authority controls it. Even if Europe bans digital currencies, they will continue to survive elsewhere. The ban may also make them difficult to monitor.

Some proponents of the ban, like Sherman himself, said that Bitcoin would not die because the authorities have outlawed it. He even went on to indicate that Bitcoin could challenge the US hegemony in the world. It is in stark contrast with the nation’s global privileges because of the dominance of the US Dollar as the world’s reserve currency.

Countries that want to reduce their dependence on the US Dollar and the traditional global banking system may use Bitcoin or other cryptocurrencies to create alternative systems. North Korea, Russia, and Iran could be few of these nations looking to break or circumvent the USD-dependent banking and payments system. Therefore, Sherman wants to “nip [Bitcoin] in the bud.”

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