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No PoW ban! – EU Parliament saves Bitcoin (BTC) from deathblow in Europe

 


The European Parliament today voted against a version of the proposed Markets in Crypto Assets (MiCA) crypto regulation that would have outright banned PoW cryptocurrencies in the European Union (EU). This is extremely good news for the entire crypto industry, because the cryptocurrencies based on the Proof-of-Work (PoW) consensus process also include market leader Bitcoin ( BTC ).


With its 126 articles, the MiCA regulations are intended to create a comprehensive legal framework for dealing with cryptocurrencies within the EU. The original draft for this was presented by the European Commission in 2020.


Accordingly, the MiCA cover a wide range of crypto industry topics, including the market-leading cryptocurrencies, stablecoins, crypto mining and crypto exchanges. However, some areas that have recently become increasingly important are also missing, such as central bank digital currencies (CBDCs), security tokens, non-fungible tokens (NFTs) and decentralized financial services (DeFi).


In today's parliamentary vote, the main focus was on the differences between the two versions of the MiCA draft. For example, one of these drafts aimed to more or less ban all cryptocurrencies and crypto services related to proof-of-work.


Accordingly, the requirements for dealing with such PoW cryptocurrencies would have been so restrictive that the regulations would have meant a quasi-ban. The background is the particularly high energy consumption of the consensus process, which is heavily criticized in view of climate change and the desired sustainability.


This version was then later modified to remove these harsh provisions and save the crypto industry a potential deathblow. EU parliamentarian Dr. A few days ago, Stefan Berger also assured that the law should only be put to the vote in this final form.


Now the controversial version has been entered, but without being able to unite the majority of votes. As Patrick Hansen of crypto company Unstoppable Finance reports , 32 members of the parliamentary ECON committee voted against the draft and only 24 in favor. The majority of the votes in favor came from the Greens group in the EU Parliament.


The moderate version of the MiCA, which does not include the controversial PoW ban, will now go through the institutions of the EU Parliament so that the crypto regulations can be passed, at least in their weakened form.


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