The European Union Clarifies It Will Not Ban Bitcoin And Other Mining-Based Cryptocurrencies
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Answer The European Union Clarifies It Will Not Ban Bitcoin And Other Mining-Based Cryptocurrencies
European Union lawmakers have removed a controversial clause that would make all “Proof of Work” (PoW)-based cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) illegal.
Meaning, the proposed ban on Proof of Work (mining) cryptocurrency has been removed.
The Framework for Markets in Cryptocurrency (MiCA), is chaired by Stefan Berger, Rapporteur on Economic and Monetary Affairs (ECON).
Due to strong opposition to the language in the specific paragraph referred to above, it was removed for fear of being misinterpreted as a de facto ban on Bitcoin, and the vote was postponed until last week.
According to report New from a German news outlet, Paragraph 61 (9c) has been deleted.
Read:40 German banks apply for a license related to digital currencies (Bitcoin, Ethereum and Ripple)… Details here
According to the same report, the long-awaited crypto market regulation law has not been rescheduled. About this, Berger tweeted:
The paragraph is no longer in the text.
The report was not voted on by the committee.
In this vote, we will see where the majority lies.
The decision is not token yet.
The paragraph in question argues that no digital currencies can be created, sold or traded within an EU region that does not follow environmentally sustainable consensus mechanisms.
It also stipulated that all assets must meet minimum standards of environmental sustainability.
Environmental concerns in Europe:
Despite the latest move, global cryptocurrency regulations are still grappling with the growing concerns surrounding the environmental impact of Proof-of-Work (mining) cryptocurrencies.
In Europe things are similar, as 2021 saw widespread discussions about cryptocurrency mining like never before.
Last year, the Swedish Financial Services Regulator (FI), stated that cryptocurrencies are a threat to climate change, and energy-intensive mining should be banned.
Read:Here’s what happens to cryptocurrency stolen from FTX
The regulator also noted that Sweden requires renewable energy because crypto mining threatens its ability to meet the Paris Agreement.
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