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EU amends bill banning PoW cryptocurrencies after controversy

March 2, 2022 - Around 2 mins mins to read

Several European regulations have been revised to remove language that proposed a ban on mining-based cryptocurrencies.

EU amends bill banning PoW cryptocurrencies after controversy

The European Union previously backed its controversial plan to ban the power-hungry PoW consensus algorithm.

The original version of the law states that from 2025 onwards, cryptocurrencies created and recognized in the EU “must not be based on or rely on environmentally unsustainable consensus mechanisms”. It also states that such mechanisms “should meet at least environmental sustainability standards.”

After setbacks, Stefan Berger, the lawmaker who drafted the MiCA, clarified that it is not a de facto ban on the largest cryptocurrency. A vote on the expanded regulatory framework for cryptocurrencies has been postponed to February 25.

According to German politician Stefan Berger, the provision that could paralyze the crypto industry in the EU has now been dropped.

“The disputed part is no longer in the text. The report still needs to be voted on in committee. After the vote, it is decided which side the majority prefers. A decision hasn’t been made yet.”

It is still unclear when exactly the EU Parliament will vote on the latest version of the MiCA draft.

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# Cryptocurrencies

amends

banning

bill

controversy

PoW

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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.
Market

EU amends bill banning PoW cryptocurrencies after controversy

Several European regulations have been revised to remove language that proposed a ban on mining-based cryptocurrencies.

EU amends bill banning PoW cryptocurrencies after controversy

The European Union previously backed its controversial plan to ban the power-hungry PoW consensus algorithm.

The original version of the law states that from 2025 onwards, cryptocurrencies created and recognized in the EU “must not be based on or rely on environmentally unsustainable consensus mechanisms”. It also states that such mechanisms “should meet at least environmental sustainability standards.”

After setbacks, Stefan Berger, the lawmaker who drafted the MiCA, clarified that it is not a de facto ban on the largest cryptocurrency. A vote on the expanded regulatory framework for cryptocurrencies has been postponed to February 25.

According to German politician Stefan Berger, the provision that could paralyze the crypto industry in the EU has now been dropped.

“The disputed part is no longer in the text. The report still needs to be voted on in committee. After the vote, it is decided which side the majority prefers. A decision hasn’t been made yet.”

It is still unclear when exactly the EU Parliament will vote on the latest version of the MiCA draft.

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

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page