As it stands lawyers around the world have been relatively reluctant to take up a cryptocurrency payment option. Given how volatile the market can be, the relative uncertainty of this new technology, and the ethical debate, it is a choice that makes sense. The tide, however, may be turning for cryptocurrency in the legal profession. The US state of Nebraska recently permitted lawyers to accept payments from digital currencies, provided those accepting the payment immediately convert the currency into USD. 

A turning tide presents an ethnical conundrum – Should lawyers be accepting cryptocurrency? Well, not if they want to promote environmentally conscious decisions.  

For example, most cryptocurrency transactions are coordinated via blockchain which acts as a virtual ledger of transactions that documents the currency or entity’s movement between ownerships. The issue with this is that it requires an immense amount of processing power. The sheer number of calculations required to keep the blockchain functional results in energy usage equivalent to some small countries – Bitcoin alone, the most popular type of cryptocurrency, produces as much CO2 per annum as New Zealand.  

It is undoubtedly difficult to straddle the line between embracing technology and mitigating the risks posed. However, remaining environmentally conscious is something that lawyers should always be taking into consideration given the current climate crisis.