News

EU Will Ban Bitcoin and PoW in 2025?

EU is set to vote on MiCA draft today

On March 14, the European Parliament will vote on a regulatory framework known as the Markets in Crypto-Assets Directive (MiCA). The framework’s proposal aimed at banning the proof-of-work cryptocurrencies and Bitcoin within the European Union, starting in January 2025.

According to CoinDesk, the provision in question requires all crypto assets to be subject to the EU’s “minimum environmental sustainability standards with respect to their consensus mechanism used for validating transactions, before being issued, offered or admitted to trading in the Union.”

The MiCA framework’s rapporteur, Stefan Berger, stated that the bill was not intended to establish the Bitcoin ban. The bill’s draconian provision has been removed.

The phrasing of the current proof-of-work prohibition has been softened down, but the effect remains “essentially the same,” notes Patrick Hansen, head of growth and strategy at DeFi startup Unstoppable Finance.

Following parliament’s decision on the draft, it will move on to a trilogue, which is a formal round of negotiations between the European Commission, Council, and Parliament.

The proposal has been widely criticized by the crypto community. Many individuals claimed that there are many industries that emit more carbon than Bitcoin and PoW crypto.

Michael Saylor, chief executive officer of business intelligence firm MicroStrategy, has tweeted about this MiCA framework, described it as “a trillion-dollar mistake.”

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Hazel

CoinCu News

Victor

Recent Posts

Best Altcoins to Buy Today: Qubetics Rides 1000x Potential to Hit $2.6M, Ethereum Stays Rangebound, Tron USDT Transactions Hit $52B

Discover the best cryptos to buy and hold today: Qubetics leads with 1000x potential, Ethereum…

9 minutes ago

Trump Media Company Is Pushing New Venture For Crypto Service

With the platform facing a cracked whip, Trump Media company is expanding into new business…

59 minutes ago

Crypto Advisory Council Now A White House Position Attracting Leaders

Major crypto firms, including Ripple, Kraken, and Circle, are competing for spots on President-elect Donald…

1 hour ago

Analyst Sounds Major Breakout Alert Amid Shiba Inu, WallitIQ, And Dogecoin Price Recoveries

Analysts highlight a breakout alert as Shiba Inu (SHIB), and Dogecoin show signs of recovery…

2 hours ago

SEC Chair Gary Gensler Will Lose Power From January 20

SEC Chair Gary Gensler will step down on January 20, 2025, coinciding with President-elect Donald…

2 hours ago

MicroStrategy Convertible Notes Now Out of Stock With $3B Raised

The MicroStrategy convertible notes offering, initially set at $1.75 billion, was increased to $2.6 billion…

2 hours ago

This website uses cookies.