According to the news published by the German crypto money media outlet BTC-ECHO, the European Parliament, one of the legislative bodies of the European Union, took action to ban Bitcoin and other cryptocurrencies.
The final draft of the Markets in Cryptoassets (MiCA) framework, the anticipated package of cryptocurrency regulations includes a provision banning the “environmentally unsustainable” consensus mechanism.
This means that Bitcoin could become illegal within the EU from January 1, 2025.
Businesses will be prohibited from providing any services associated with proof-of-work cryptos.
Stefan Berger, behind the framework, said it was “highly likely” that the proposal would be greenlit.
Some Christian Democrats and right-wing conservatives opposed the addition of a Bitcoin mining ban.
The European Commission, the executive body of the European Union, will meet with member states and parliament before making a final decision.
Patrick Hansen, head of growth and strategy at decentralized finance startup Unstoppable Finance, said it would kill the crypto industry in the EU and the proposal was a suicide.
Its such a suicidal proposition it is hard to digest. It would kill the entire European crypto industry, the one sector that fully aligns with the European values and where the EU could actually be competitive.https://t.co/0cq1ktIzpe
— Patrick Hansen (@paddi_hansen) February 23, 2022
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