EU Votes Against Banning Bitcoin and Other Proof-of-Work Cryptocurrencies

The suggested ban on proof-of-work cryptocurrencies could have obstructed EU member states from mining Bitcoin. 

The EU parliament voted to veto a suggested ban on Proof of Work cryptocurrencies, a decision that would have obstructed EU member states from mining Bitcoin and similar cryptocurrencies.

On Monday 14th, the parliament’s Economic and Monetary Affairs Committee voted on the proposed ‘Markets in Crypto Assets (MiCA)‘ framework, the EU’s current legislation for conducting digital assets.

Although this comes as great news for the cryptocurrency world, members of the parliament established new rules that aim to protect consumers and make mining more sustainable by reducing crypto’s carbon footprint.

30 of the committee’s members voted against the approval of the draft’s provision to ban Proof of Work networks, while 23 were in favor.

Stefan Berger, a parliament member of the European People Party, tweeted:

“First stage victory at #MiCA committee! By accepting my proposal, the members have paved the way for future-oriented crypto regulation. Now it is important to accept the report as a whole in the final vote & send a strong signal for innovation.”

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