Illiteracy is a danger for anyone working in the technology sector. New technologies tend to resist until they are widely understood, and unfortunately, policymakers and regulators are often guilty of the most egregious technical illiteracy – halting innovation while they catch up.

Each month there is another facepalm-inducing moment. In January it was Erik Thedéen’s turn, Vice-Chairman of the European Securities and Markets Authority, who used an interview with The Financial Times Call for an EU ban on all proof-of-work mining (the method by which new bitcoins are issued).

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