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Bitcoin

Letter: Regulating bitcoin will be good for the real economy


I must be missing the real reason why governments are not simply closing down bitcoin and other cryptocurrency “miners”. In the FT on April 14 we have bitcoin shown in Datawatch on page 1 as the world’s largest bubble; we have a platform for trading 20 per cent of these coins valued at $74bn on page 9 (Report, April 14), while on page 8 we hear how traditional industry is struggling to control CO2 emissions.

So we have an unregulated industry that produces no tangible benefit, emits more CO2 than a major country, sucks up the world’s supply of computer chips, is the platform of choice for cyber criminals and which will hurt the real economy when its bubble bursts. It is difficult to regulate steel, coal and concrete producers without hurting the real economy, but removing bitcoin’s CO2 emission can be done with the strokes of several pens.

Philip Winckle
Danderyd, Sweden


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