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https://theconversation.com/as-cryptocurrencies-take-hold-nz-must-address-the-climate-impacts-of-their-colossal-energy-demand-179187>
"Since its debut in 2009, Bitcoin and other cryptocurrencies have seen
explosive growth and some dramatic downturns.
Cryptocurrencies now inhabit an increasingly prominent niche in the global
financial landscape, offering “pastime” opportunities for young investors,
channelling donations to Ukraine’s war effort or simply providing cheaper and
faster alternatives to mainstream banking.
In Aotearoa New Zealand, the Reserve Bank recently decided to investigate
crypto as part of a wider conversation about how New Zealanders will pay and
save in the future.
So far, crypto has benefited from light regulation in New Zealand, but it’s
essential we have a clear picture of all pros and cons, including the risk of
criminal behaviour and climate change impacts.
Cryptocurrencies offer a variety of investment and transaction benefits, but
concerns about dangers are also growing. Crypto’s volatile track record
presents significant risk to investors (alongside significant reward) and the
relative anonymity of Bitcoin, Ethereum and others is proving attractive to
organised crime, money laundering and tax evasion.
To date, crypto has largely avoided the traditional forms of financial
regulation banks face and it has capitalised on its ability to eschew
territorial borders, being everywhere and nowhere at once.
As calls for effective regulation get louder and major markets in the US, EU
and Asia seek to subject crypto to greater oversight, it is particularly
important to highlight crypto’s growing but often hidden environmental impact."
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
