The UK government conducted a poll among 3,071 British adults before the 26th United Nations Climate Change Conference (COP-26) to ask them their opinions regarding the cryptocurrency industry’s effects on climate change. The environmental impact due to the amount of electricity being used to mine crypto has been documented and amounts to 0.46% of global electricity consumption.
The COP-26 was hosted by the UK in partnership with Italy and it took place from 31 October to 12 November in the Scottish Event Campus (SEC) in Glasgow. According to the survey, 45% of Britons would support banning crypto assets over climate change concerns.
“By 45% to 18%, Britons say they would support banning cryptocurrencies like Bitcoin in order to help tackle climate change, including 29% who would ‘strongly support’ it,” says the survey’s report at the YouGov website. However, very few respondents think a ban would be effective.
Apparently, age was a crucial factor with respect to the survey. The youngest adults (18 to 24 year olds) are in opposition by 35% to 21%, as well as the 25 to 34 year olds by 34% to 25%. But 35 to 44 year olds and those aged 65 or older are in favour of the ban, by 40% to 22% and an overwhelming 63% to 6% respectively.
Gender was also a key element, according to the YouGov researchers: “Men (particularly young men) are known to be much more involved in cryptocurrency trading, so it is no surprise to see a gender divide on the idea of a ban. While men and women are about equally likely to support a ban (47% of men and 43% of women), men are twice as likely to be opposed (25% vs 12%).”
Regardless of whether they’d be in favour or against the ban, only 26% of respondents think that banning cryptocurrency would be effective at tackling climate change.