@$44193: The European Union Is No Longer Banning Bitcoin and Other PoW-based Assets
European Union lawmakers have removed a controversial paragraph that would have made all proof-of-work (PoW) based cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) illegal.
Proposed Ban on PoW-Based Coins Deleted
The Markets in Crypto-Assets (MiCA) framework, headed by Economic and Monetary Affairs (ECON) rapporteur – Stefan Berger – was originally scheduled for February 28. However, due to the vehement opposition over the language on the passage, fearing that it would be misinterpreted as a de facto Bitcoin ban, the vote was delayed last week.
According to the new report by a German news outlet, paragraph 61 (9c) has been scrapped. The vote for the much-anticipated market regulatory act targeting the crypto industry is yet to be rescheduled. Further clarifying the development, Berger tweeted,
“The paragraph is no longer in the text. The report has yet to be voted on in committee. In this vote, we will see where the majorities lie. The decision has not yet been made #MiCA.”
The passage in question argued that no cryptocurrencies could be created, sold, or traded within the European Union region that does not follow environmentally sustainable consensus mechanisms.
It also mandated that all assets would have to meet minimum environmental sustainability standards. If the latest version of the draft passes the required number of votes, it will then face trilogue debates, including the European Commission and Council, in addition to the Parliament.
Europe’s Environment Concerns
Despite the latest move, global cryptocurrency regulations continue to wrestle with the growing concerns surrounding the environmental impact of PoW-based assets.
It’s a similar story for Europe as well. 2021 witnessed debates and discussions around crypto mining like never before. To that extent, several industry players have come forward in support of less energy extensive PoS networks while others have stayed away from adopting Bitcoin and other PoW blockchain-based crypto-assets.
Last year, Sweden’s financial services regulator, Finansinspektionen (FI), stated that cryptocurrency assets are a threat to the climate transition, and energy-intensive mining should be banned. The regulator also noted that Sweden requires renewable energy as cryptocurrency mining threatens its ability to meet the Paris Agreement.
More recently, Erik Thedéen, vice-chair of the European Securities and Markets Authority (ESMA), also called for a prohibition on PoW crypto mining based on the industry’s high energy demands.
More Airdrops...
More NFT Drops...
More Crypto News...
- Free Valley Air District 2023 Calendar
- Free Valley Air District 2023 Calendar
- Free Valley Air District 2023 Calendar
- Bear Market Blues: Miners and Long-Term Holders Are Dumping Their Bitcoin
- Why Argentina Is Saying, “Viva La Bitcoin Revolution!”
- Bitcoin And Anarchy Have Rules Without Rulers
- FREE AlcheGold Tokens In Alchemon NFT Airdrop!
- FREE ANSR Coins In Answerly Crypto Airdrop!
- Bitcoin Reclaims $19K, Terra Classic (LUNC) Jumps 7% (Market Watch)
- FREE ANSR Tokens In Answerly NFT Airdrop!
- Using Bitcoin Derivatives To Discern Speculation From True Momentum
- Bitcoin is the Cure to Global Yield Curve Control: Arthur Hayes
- Do Kwon Refutes 3,313 BTC Transfer Allegations, Terra Whistleblower Backs Founder
- FREE NFTs Tokens In Rubic NFT Airdrop!
- FREE Metaverse Citizenship Tokens In Blockchain Land NFT Airdrop!