As we previously reported as Kriptokoin.com, an unexpected news shocked the crypto markets at a time when investors were focusing on the possibility of war between Ukraine and Russia. In the information received, it was mentioned that many EU countries could ban Bitcoin and altcoin projects. In the legislation to be voted by the European Parliament, it was stated that proof-of-work cryptos such as Bitcoin (BTC) would be banned. According to the latest information we have, it seems that the AP has removed from the scope of the legislation the statements that cryptos with a proof-of-work algorithm such as BTC will be banned.
Bitcoin was removed from the scope of the ban
It was stated at the beginning that many cryptocurrencies would be banned, stating that the main reason for ban was “environmental sensitivity”. If this ban were realized, the existence of cryptocurrencies in 27 European Union countries would have great problems. Now the European Parliament seems to have narrowed the scope of a move that will result in the banning of Bitcoin and many other cryptocurrencies. The EU Parliament money committee will vote on MiCA next week, and in that vote, the wording that would ban proof-of-work cryptos like Bitcoin has been removed.
This law, which means a de facto ban on Bitcoin in its original form, was delayed a while ago due to reactions. It is reported that the vote on the EU’s Crypto Asset Markets (MiCA) legislation by the Monetary Committee of the European Union Parliament will take place on March 14. This development was made possible by the parliamentarian, Dr. Tweeted by Stefan Berger a few minutes ago. “An independent proof-of-work issue is no longer provided in MiCA,” Berger said, confirming that what he previously called a defacto ban on Bitcoin has been removed from the text of the law.
Concerns have calmed down a bit
Speaking on the subject, Berger used the following statements:
“My suggestion is to include crypto assets in the classification area, like all other financial products. Given the controversial debate surrounding the energy consumption of crypto assets, classification can provide clarity and provide a better knowledge base for consumers. Strong support for MiCA is a strong signal from the EU Parliament for a technology-neutral and innovation-friendly financial sector.
The European Union parliament’s vote on a framework aimed at regulating cryptocurrencies due to concerns over proof-of-work mining is set to take place within a week. It was expected that many coins (Dogecoin, Ethereum, Litecoin, Syscoin…) that we can classify within the scope of Proof-of-work, especially Bitcoin, would be affected by this vote. With the latest change, the worries will have calmed down a bit.
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