Former UK MP Says Central Banks Should Ban Bitcoin

Nick Boles, former Member of Parliament for Grantham and Stamford from 2010 to 2022, took to Twitter Tuesday to criticize Bitcoin for its negative impact on the environment.

He retweeted a post from BBC correspondent Rory Cellan-Jones indicating that Bitcoin has overtaken Argentina in annual energy consumption. The data was collected by the University of Cambridge and presented in the Cambridge Bitcoin Electricity Consumption Index.

“Central banks should ban its trading, and force anyone holding Bitcoin not to use it in any transactions, to exchange it for another currency that has no damaging side effects.”

Nick Boles commented

“There are other cybercurrencies that do absolutely no harm in the real world,” he added, possibly referring to a more environmentally friendly proof-of-stake network.

Bitcoin’s soaring energy consumption has sparked an internal debate within the crypto industry about how to offset the ecological impact of mining. The flagship digital currency is now estimated to consume 77.9 TWh per year, with annual greenhouse gas emissions from mining reportedly reaching levels comparable to the rest of New Zealand.

Boles doesn’t seem to have much to say about Bitcoin apart from his recent tweet. Currently, there are no strict regulations regarding Bitcoin in the UK, although Bitcoin is generally treated as a foreign currency for most purposes.

A UK lawmaker who quit the Conservative Party in 2022 over Brexit believes the government should ban the use of Bitcoin (BTC), offering further evidence that the digital currency still has many vulnerabilities.

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