NZ Herald
  • Home
  • Latest news
  • Herald NOW
  • Video
  • New Zealand
  • Sport
  • World
  • Business
  • Entertainment
  • Podcasts
  • Quizzes
  • Opinion
  • Lifestyle
  • Travel
  • Viva
  • Weather

Subscriptions

  • Herald Premium
  • Viva Premium
  • The Listener
  • BusinessDesk

Sections

  • Latest news
  • New Zealand
    • All New Zealand
    • Crime
    • Politics
    • Education
    • Open Justice
    • Scam Update
  • Herald NOW
  • On The Up
  • World
    • All World
    • Australia
    • Asia
    • UK
    • United States
    • Middle East
    • Europe
    • Pacific
  • Business
    • All Business
    • MarketsSharesCurrencyCommoditiesStock TakesCrypto
    • Markets with Madison
    • Media Insider
    • Business analysis
    • Personal financeKiwiSaverInterest ratesTaxInvestment
    • EconomyInflationGDPOfficial cash rateEmployment
    • Small business
    • Business reportsMood of the BoardroomProject AucklandSustainable business and financeCapital markets reportAgribusiness reportInfrastructure reportDynamic business
    • Deloitte Top 200 Awards
    • CompaniesAged CareAgribusinessAirlinesBanking and financeConstructionEnergyFreight and logisticsHealthcareManufacturingMedia and MarketingRetailTelecommunicationsTourism
  • Opinion
    • All Opinion
    • Analysis
    • Editorials
    • Business analysis
    • Premium opinion
    • Letters to the editor
  • Politics
  • Sport
    • All Sport
    • OlympicsParalympics
    • RugbySuper RugbyNPCAll BlacksBlack FernsRugby sevensSchool rugby
    • CricketBlack CapsWhite Ferns
    • Racing
    • NetballSilver Ferns
    • LeagueWarriorsNRL
    • FootballWellington PhoenixAuckland FCAll WhitesFootball FernsEnglish Premier League
    • GolfNZ Open
    • MotorsportFormula 1
    • Boxing
    • UFC
    • BasketballNBABreakersTall BlacksTall Ferns
    • Tennis
    • Cycling
    • Athletics
    • SailingAmerica's CupSailGP
    • Rowing
  • Lifestyle
    • All Lifestyle
    • Viva - Food, fashion & beauty
    • Society Insider
    • Royals
    • Sex & relationships
    • Food & drinkRecipesRecipe collectionsRestaurant reviewsRestaurant bookings
    • Health & wellbeing
    • Fashion & beauty
    • Pets & animals
    • The Selection - Shop the trendsShop fashionShop beautyShop entertainmentShop giftsShop home & living
    • Milford's Investing Place
  • Entertainment
    • All Entertainment
    • TV
    • MoviesMovie reviews
    • MusicMusic reviews
    • BooksBook reviews
    • Culture
    • ReviewsBook reviewsMovie reviewsMusic reviewsRestaurant reviews
  • Travel
    • All Travel
    • News
    • New ZealandNorthlandAucklandWellingtonCanterburyOtago / QueenstownNelson-TasmanBest NZ beaches
    • International travelAustraliaPacific IslandsEuropeUKUSAAfricaAsia
    • Rail holidays
    • Cruise holidays
    • Ski holidays
    • Luxury travel
    • Adventure travel
  • Kāhu Māori news
  • Environment
    • All Environment
    • Our Green Future
  • Talanoa Pacific news
  • Property
    • All Property
    • Property Insider
    • Interest rates tracker
    • Residential property listings
    • Commercial property listings
  • Health
  • Technology
    • All Technology
    • AI
    • Social media
  • Rural
    • All Rural
    • Dairy farming
    • Sheep & beef farming
    • Horticulture
    • Animal health
    • Rural business
    • Rural life
    • Rural technology
    • Opinion
    • Audio & podcasts
  • Weather forecasts
    • All Weather forecasts
    • Kaitaia
    • Whangārei
    • Dargaville
    • Auckland
    • Thames
    • Tauranga
    • Hamilton
    • Whakatāne
    • Rotorua
    • Tokoroa
    • Te Kuiti
    • Taumaranui
    • Taupō
    • Gisborne
    • New Plymouth
    • Napier
    • Hastings
    • Dannevirke
    • Whanganui
    • Palmerston North
    • Levin
    • Paraparaumu
    • Masterton
    • Wellington
    • Motueka
    • Nelson
    • Blenheim
    • Westport
    • Reefton
    • Kaikōura
    • Greymouth
    • Hokitika
    • Christchurch
    • Ashburton
    • Timaru
    • Wānaka
    • Oamaru
    • Queenstown
    • Dunedin
    • Gore
    • Invercargill
  • Meet the journalists
  • Promotions & competitions
  • OneRoof property listings
  • Driven car news

Puzzles & Quizzes

  • Puzzles
    • All Puzzles
    • Sudoku
    • Code Cracker
    • Crosswords
    • Cryptic crossword
    • Wordsearch
  • Quizzes
    • All Quizzes
    • Morning quiz
    • Afternoon quiz
    • Sports quiz

Regions

  • Northland
    • All Northland
    • Far North
    • Kaitaia
    • Kerikeri
    • Kaikohe
    • Bay of Islands
    • Whangarei
    • Dargaville
    • Kaipara
    • Mangawhai
  • Auckland
  • Waikato
    • All Waikato
    • Hamilton
    • Coromandel & Hauraki
    • Matamata & Piako
    • Cambridge
    • Te Awamutu
    • Tokoroa & South Waikato
    • Taupō & Tūrangi
  • Bay of Plenty
    • All Bay of Plenty
    • Katikati
    • Tauranga
    • Mount Maunganui
    • Pāpāmoa
    • Te Puke
    • Whakatāne
  • Rotorua
  • Hawke's Bay
    • All Hawke's Bay
    • Napier
    • Hastings
    • Havelock North
    • Central Hawke's Bay
    • Wairoa
  • Taranaki
    • All Taranaki
    • Stratford
    • New Plymouth
    • Hāwera
  • Manawatū - Whanganui
    • All Manawatū - Whanganui
    • Whanganui
    • Palmerston North
    • Manawatū
    • Tararua
    • Horowhenua
  • Wellington
    • All Wellington
    • Kapiti
    • Wairarapa
    • Upper Hutt
    • Lower Hutt
  • Nelson & Tasman
    • All Nelson & Tasman
    • Motueka
    • Nelson
    • Tasman
  • Marlborough
  • West Coast
  • Canterbury
    • All Canterbury
    • Kaikōura
    • Christchurch
    • Ashburton
    • Timaru
  • Otago
    • All Otago
    • Oamaru
    • Dunedin
    • Balclutha
    • Alexandra
    • Queenstown
    • Wanaka
  • Southland
    • All Southland
    • Invercargill
    • Gore
    • Stewart Island
  • Gisborne

Media

  • Video
    • All Video
    • NZ news video
    • Herald NOW
    • Business news video
    • Politics news video
    • Sport video
    • World news video
    • Lifestyle video
    • Entertainment video
    • Travel video
    • Markets with Madison
    • Kea Kids news
  • Podcasts
    • All Podcasts
    • The Front Page
    • On the Tiles
    • Ask me Anything
    • The Little Things
  • Cartoons
  • Photo galleries
  • Today's Paper - E-editions
  • Photo sales
  • Classifieds

NZME Network

  • Advertise with NZME
  • OneRoof
  • Driven Car Guide
  • BusinessDesk
  • Newstalk ZB
  • Sunlive
  • ZM
  • The Hits
  • Coast
  • Radio Hauraki
  • The Alternative Commentary Collective
  • Gold
  • Flava
  • iHeart Radio
  • Hokonui
  • Radio Wanaka
  • iHeartCountry New Zealand
  • Restaurant Hub
  • NZME Events

SubscribeSign In
Advertisement
Advertise with NZME.
Home / Business / Markets

Bitcoin, ethereum price in danger as European Union considers limiting cryptocurrency

By Alex Turner-Cohen
news.com.au·
14 Mar, 2022 04:16 AM3 mins to read

Subscribe to listen

Access to Herald Premium articles require a Premium subscription. Subscribe now to listen.
Already a subscriber?  Sign in here

Listening to articles is free for open-access content—explore other articles or learn more about text-to-speech.
‌
Save

    Share this article

Cryptocurrency could soon endure a fresh pummelling because the European Union is seriously considering a ban of sorts on blockchain. Photo / Getty Images

Cryptocurrency could soon endure a fresh pummelling because the European Union is seriously considering a ban of sorts on blockchain. Photo / Getty Images

Cryptocurrency could soon endure a fresh pummelling because the European Union is seriously considering a ban on digital assets.

Blockchain investors are waiting with bated breath for the outcome of a vote in the EU parliament which will determine the future of cryptocurrency on the continent.

The parliamentary vote will occur on Monday local time, which will be later today for those in Australian and New Zealand time zones.

Members of the EU's economic and monetary affairs committee are set to vote on a draft of the proposed Markets in Crypto-Assets (MiCA) framework.

Were the proposal to go ahead, it could be bad news for cryptocurrency investors.

Advertisement
Advertise with NZME.
Advertisement
Advertise with NZME.

An eleventh-hour addition to the framework is calling for a limit on the use of cryptocurrency, including "phasing out" pre-existing tokens like bitcoin and ethereum that are already being traded in European countries.

And it seems the outcome is too close to call, with insiders predicting the vote may be defeated by a very slim majority, CoinDesk reported.

Environmental concerns at centre of proposal
There have been concerns in recent weeks that Russia is circumventing economic sanctions imposed on it because of its invasion into Ukraine by using cryptocurrency to safeguard wealth and trade.

Advertisement
Advertise with NZME.

Some, including Ukraine's Vice Prime Minister Mykhailo Fedorov, called for cryptocurrency exchanges to ban all Russian transactions.

However, the EU is citing environmental concerns as its main reason for cracking down on cryptocurrency in the radical proposal.

Last week, US President Joe Biden signed a historic executive order on cryptocurrency. Photo / Getty Images
Last week, US President Joe Biden signed a historic executive order on cryptocurrency. Photo / Getty Images

The draft aims to limit the use of cryptocurrencies because of its high energy use.

In fact, the process of creating bitcoin to spend or trade consumes a whopping 91 terawatt-hours of electricity annually, which is more than a small country, like Finland, uses in an entire year.

The late amendment was added to the proposal because bitcoin's excessive carbon footprint could break the rules surrounding the EU's environmental standards.

Cryptocurrencies must adhere to "minimum environmental sustainability standards with respect to their consensus mechanism used for validating transactions, before being issued, offered or admitted to trading in the Union," one draft proposal sighted by CoinDesk read.

One crypto pro said the move was "extraordinarily concerning" and the vote later today was incredibly important.

Jeremy Allaire, founder of Circle Pay, wrote online: "Extremely high stakes vote in the EU.

"That such a proposal made it this far is extraordinarily concerning and unlikely to stand up to practical reality."

A complete or partial ban on cryptocurrency is not entirely unheard of.

Advertisement
Advertise with NZME.

In January, Russia indicated it was looking to ban the digital assets entirely over money laundering and environmental concerns.

China went a step further and completely banned all things crypto at the end of September last year in a major tech crackdown.

Egypt, Iraq, Qatar, Oman, Morocco, Algeria, Tunisia and Bangladesh have also banned cryptocurrency.

In November, Indonesia banned cryptocurrency for its entire Muslim population because it contained "elements of wagering".

Crypto enthusiasts have already dodged one bullet in the past week when it came to government crackdowns on digital assets.

Last week, US President Joe Biden signed a historic executive order on cryptocurrency.

Advertisement
Advertise with NZME.

People were concerned that he would be seeking to ban the digital assets amid rumours that Russians were evading economic sanctions by trading cryptocurrency.

However, after the exec order was announced, the price of bitcoin actually jumped by 10 per cent, buoyed by the general consensus that the changes were positive.

Save

    Share this article

Latest from Markets

Premium
Shares

Market close: NZ sharemarket down while Kiwi Property Group secures key renewal

03 Jul 06:11 AM
Premium
Markets|shares

Market close: Interest rate-sensitive stocks drive NZ sharemarket higher

02 Jul 06:26 AM
Premium
Shares

Market close: Fisher & Paykel Healthcare helps NZX up over 1%

01 Jul 05:48 AM

There’s more to Hawai‘i than beaches and buffets – here’s how to see it differently

sponsored
Advertisement
Advertise with NZME.

Latest from Markets

Premium
Market close: NZ sharemarket down while Kiwi Property Group secures key renewal

Market close: NZ sharemarket down while Kiwi Property Group secures key renewal

03 Jul 06:11 AM

Large-cap stocks Ryman Healthcare and Kiwi Property Group produce strong rally.

Premium
Market close: Interest rate-sensitive stocks drive NZ sharemarket higher

Market close: Interest rate-sensitive stocks drive NZ sharemarket higher

02 Jul 06:26 AM
Premium
Market close: Fisher & Paykel Healthcare helps NZX up over 1%

Market close: Fisher & Paykel Healthcare helps NZX up over 1%

01 Jul 05:48 AM
Premium
Market close: Primary sector spark on hope as NZX down 3.6% in first half

Market close: Primary sector spark on hope as NZX down 3.6% in first half

30 Jun 05:55 AM
From early mornings to easy living
sponsored

From early mornings to easy living

NZ Herald
  • About NZ Herald
  • Meet the journalists
  • Newsletters
  • Classifieds
  • Help & support
  • Contact us
  • House rules
  • Privacy Policy
  • Terms of use
  • Competition terms & conditions
  • Our use of AI
Subscriber Services
  • NZ Herald e-editions
  • Daily puzzles & quizzes
  • Manage your digital subscription
  • Manage your print subscription
  • Subscribe to the NZ Herald newspaper
  • Subscribe to Herald Premium
  • Gift a subscription
  • Subscriber FAQs
  • Subscription terms & conditions
  • Promotions and subscriber benefits
NZME Network
  • The New Zealand Herald
  • The Northland Age
  • The Northern Advocate
  • Waikato Herald
  • Bay of Plenty Times
  • Rotorua Daily Post
  • Hawke's Bay Today
  • Whanganui Chronicle
  • Viva
  • NZ Listener
  • Newstalk ZB
  • BusinessDesk
  • OneRoof
  • Driven Car Guide
  • iHeart Radio
  • Restaurant Hub
NZME
  • About NZME
  • NZME careers
  • Advertise with NZME
  • Digital self-service advertising
  • Book your classified ad
  • Photo sales
  • NZME Events
  • © Copyright 2025 NZME Publishing Limited
TOP