The EU has started a tender for a crypto environmental study that aims to create blockchain energy labels according to emissions and lead to policies.
The European Commission, at the forefront of several crypto initiatives earlier, is in the news. This time, its actions could lead to practical and urgent policies for the crypto industry. According to official documents, the agency has started a tender for a crypto environmental impact study. Its results could be essential for blockchain energy labels in the future and corresponding policies for the industry.
“The increasing demand for crypto-assets and expansion of crypto-mining, including within the EU, could undermine EU’s efforts to achieve its climate and sustainability goals, in line with the Paris Agreement,” said the official document.
With environmental concerns rising worldwide, a detailed study could bode well for all crypto stakeholders. Meanwhile, the blockchain energy labels and standards emerging from the study could set an example for other industries.
The European Commission has been active on the regulatory front after the MiCA Law in Europe. In June 2023, it recommended legislative changes for the digital euro. The development of the CBDC in Europe is also gaining steady pace with regulatory clarity.
The suggestions for the digital euro by the European Commission include those like wider availability, privacy matters, and offline payments. It aims to open the market towards CBDCs and other payment forms from the current domination by a few market players.