Former British MP says central banks should ban Bitcoin

Nick Bullse, former Member of Parliament from Grantham and Stamford from 2010 to 2019, took to Twitter on Tuesday to criticize Bitcoin for its negative impact on the environment.

He retweeted a message from BBC correspondent Rory Celan Jones showing that Bitcoin has overtaken Argentina in its annual energy consumption. The data were compiled by the University of Cambridge and shown in the Cambridge Bitcoin Electricity Consumption Index.

Paul Commented:

“Central banks should ban their circulation, and force anyone who carries Bitcoin and wants to use it in any transaction, to exchange it for another currency that does not have such a harmful side effect.”

“There are other electronic currencies that do not cause any harm in the real world at all,” he added, possibly referring to the more environmentally friendly proof of interest networks.

Bitcoin’s spike in power consumption has sparked an internal debate within the crypto industry about how to offset the environmental impact of mining. It is estimated that the main digital currency is now consuming 77.9 terawatt hours per year, with annual greenhouse gas emissions from mining reaching comparable levels for New Zealand as a whole.

Paul doesn’t seem to have a lot of comments on Bitcoin apart from his last tweet. At the moment, there are no strict regulations regarding Bitcoin in the UK, although it is generally treated as a foreign currency for most purposes.

A UK lawmaker who pulled out of the Conservative Party in 2019 due to Brexit believes that governments should ban the use of Bitcoin (BTC), providing additional evidence that the digital currency still has its fair share of critics.