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The EU may ban Bitcoin and PoW cryptocurrencies by 2025

The EU may ban Bitcoin and PoW cryptocurrencies by 2025.

According to a report by German crypto media outlet BTC-ECHO, the European Parliament, one of the European Union’s legislative bodies, has moved to ban Bitcoin and other proof-of-work (PoW) cryptocurrencies.

The final draft of the Crypto Asset Markets (MiCA) framework, the much-anticipated crypto regulatory package, includes a provision prohibiting the consensus mechanism from being “environmentally unsustainable.”

This means that starting January 1st, 2025, Bitcoin could become illegal in the European Union.

Businesses will be banned from offering services related to PoW cryptocurrency.

Stefan Berger, the framework’s rapporteur, told the paper the proposal was “most likely” the green light. The proposal was pushed by the centre-left SPD, the Greens and the Left Party.

Some Christian Democrats and right-wing conservatives oppose the introduction of a Bitcoin ban, but it’s a deal-breaker for PoW-blocking parties.

The European Commission, the executive arm of the European Union, will hold a dialogue with member states and Parliament before making a final decision later this year.

Patrick Hansen, Head of Growth and Strategy at startup Defi Unstoppable Finance, described the proposal as an “act of suicide” and predicted it would kill the entire crypto industry in the EU.

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.