Cryptocurrency mining in Europe is completely legal and subject only to standard electricity rules despite concerns over consumption, an EU commissioner has said in a statement.
Mariya Gabriel, European Commissioner for Digital Economy and Society, saw fit to explain the position of the EU when it coes to mining activity, reports CoinDesk.
She said: “If the energy consumed for this activity is produced according to law, there is no legal basis to forbid or even limit it… As mining of cryptocurrency is not an illegal activity, the Commission did not put in place any means to track it, so far.”
She goes on to point out that much of the mining activity takes place outside of Europe in countries such as China, but “nevertheless, it cannot be excluded that some part of the mining is done in the EU.”
“It is important to note that many promising applications of blockchain technology do not have extensive need for processing power.”