EU will not ban cryptocurrencies with PoW mining algorithm
This week has brought positive news for the bitcoin community. The European Parliament voted for moderate regulation of the cryptosphere. There will be no ban on PoW mining in the EU.
The MiCA bill was not adopted by the members of the European Parliament. This means that bitcoin and other digital assets whose blocks are added to the blockchain by proof of work will be freely used in the EU. Members of the bitcoin community, who were waiting for the introduction of strict regulation of the cryptosphere, felt a huge relief.
Recall that the MiCA bill was introduced back in 2020. It is a set of regulations of 126 articles. Most of them are about NFT, DeFi, CBDC and other concepts. In one of the articles, a ban on non-environmental PoW mining was proposed.
If the package of laws were adopted, then its provisions would become binding on EU member states. Fortunately, 32 MEPs voted against the hard version of MiCA.
Therefore, according to the representative of the European Parliament Stefan Berger, the amendment concerning PoW will be eliminated from the final version of the draft. This will allow the EU to break the regulatory impasse.
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