good news for Bitcoin (BTC) The world of cryptocurrency! The European Parliament’s ECON committee voted this afternoon against a bill that could be the first step towards a ban proof of work Cryptocurrencies (PoW) such as Bitcoin have been developed. The majority of parliamentarians voted against it, which means that a possible ban will not be imposed for the time being.
MiCA encryption legislation
The vote was on the Legislation of Markets in Crypto Assets (MiCA). This legislation deals with digital assets in Europe. One of MiCA’s goals was to regulate cryptocurrencies into a Proof of Work. Initially, the bill specifically talked about banning PoW encryption, but after heavy criticism, the text was passed into law. slight modification†
However, experts argued that the outcome would be the same for Bitcoin and other Proof of Work cryptocurrencies. Sustainability has been an important aspect of MiCA and of course sustainability and cryptocurrency mining do not go well together. He. She cryptocurrency mining In many cases it consumes a huge amount of energy. It is often said that proof-of-work mining is nothing more than a waste of energy, especially since there is also an alternative in the form of proof of stake†
In the end, the majority voted against the bill. 24 deputies voted in favor and 32 against. Parliamentarians from the left and social democratic districts in particular voted in favor of the bill. It’s not entirely surprising, of course, because sustainability is of paramount importance to them.
BREAKING: The Economics Committee of the European Parliament has just voted against the de facto ban on prisoners of war: 32 against, 24 in favour.
Huge relief and political success for the Bitcoin and cryptocurrency community in the EU
Voting details and what’s next will be shared here in this thread. # bitcoin
– Patrick Hansen (@paddi_hansen) March 14, 2022
Cryptocurrencies that prove working like Bitcoin
While this is certainly a win for the cryptocurrency industry, it does not mean that the risk is gone once and for all. PoW crypto will continue to be a thorn in the side of regulators and lawmakers around the world. There is a good chance that sooner or later a new bill will appear trying to kill PoW crypto.
Until then, at least you don’t have to worry about that dreaded MiCA bill anymore. This chapter has finally closed and the European crypto community has been given a good victory.
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