“I believe that the key in changing the situation is to find ways to invest in renewable energy and how we can transform renewable energy into a more competitive way of getting energy and definitely a lot cheaper,” Dr Charis Savvides, a lawyer, academic and blockchain and crypto regulation expert, told Euronews.

He said this is key to preventing Europe from pushing digital economies out to other countries and would enable the bloc to become a hub in the sector. Europe and the United States are both working on regulating digital assets and their providers and are having talks with the key players in the cryptocurrency world.

“I think that the balance is in the hands of stakeholders. Everything depends on two things: that people are invited to discuss the problem and how open they are during the discussion,” Savvides said.

“It’s so simple, so obvious, but it’s so rare at the same time”.