Norway’s Parliament Rejects Draft Law on Crypto Ban

The Parliament of Norway recently gathered attention among the international cryptocurrency community members online. The main reason for this rise in discussion is the rejection of a Bitcoin ban bill in the region. The netizens are talking about the significance of the voted-out bill that could have implemented a nationwide ban on cryptocurrency trading and mining activities.

With the change in pace, the Bitcoin miners can keep their business in operation without facing any legal hindrances from the government. The proposal to ban Bitcoin mining activities in the country was first introduced by the members of the Red Party.

However, the proposal was out to a vote in the Norwegian Parliament this week, and it was rejected after getting more negative votes. The members of the Red and Green Parties were not able to get enough votes to implement the proposal.

The only politicians that voted in favour of the Bitcoin ban hailed from the Socialist Left Party. Sofie Marhaug is a member of the Red Party who told the media that she was not happy with the outcome of the voting event.

She further exclaimed that her party is trying to campaign and raise more awareness about their point of view among the citizens to gather more support from the masses.

Bitcoin’s Impact on the Energy Usage

She also talked about how Bitcoin is going to make a significant impact on the energy usage of the region and claimed that her party wishes to preserve energy conservation. She also talked about issues like high energy requirements and climate change concerns surrounding cryptocurrencies.

Jaran Mellerud is an analyst at Arcane Research. Speaking to journalists, he recently claimed that the loss of the anti-mining legislators is a big win for the pro-Bitcoin mining proponents.

He claimed that the next step for the politicians is to increase the energy taxes, especially for Bitcoin miners. Making passive moves like implementing heavy taxation, there is nothing left in their arsenal to act on their Bitcoin mining exodus.

He also claimed that the politicians with an anti-crypto stance have been campaigning to exile Bitcoin miners out of the country for a long while.

He also added that Norway is nothing short of a green oasis for cryptocurrency miners. The country offers plenty of hydroelectric power at a low cost. At present, the global hashrate dominance of Norway is valued to be 1%.

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