Two days ago, it was reported that the European Parliament is on the eve of a resolution that includes a ban that will affect Bitcoin and some altcoins. According to the latest information, the European Parliament has postponed the crypto law vote for proof-of-work. “It is very important to me that the MiCA report is not misinterpreted as a de facto Bitcoin ban,” said Stefan Berger, a member of parliament. Details are on Kriptokoin.com.
Bitcoin voting delayed
The European Union parliament is postponing its vote on a framework aimed at regulating cryptocurrencies due to concerns over proof-of-work mining. 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. In a Twitter post on Friday, Stefan Berger, member of the economic committee of the European Parliament, said that the government body has canceled a vote within the framework of Crypto Asset Markets, or MiCA, which is scheduled to take place on Monday. Berger said:
The discussion about MiCA shows that individual parts of the draft report can be misinterpreted and understood as a [proof of work] ban. In these circumstances, it would be fatal for the EU Parliament to send the wrong signal with a vote.
When is the voting?
First introduced to the European Commission in September 2020 and adopted by the European Council in November 2021, MiCA aimed to establish a regulatory framework for the crypto-asset market that supports innovation and taps into the potential of crypto-assets in some way. It was an initiative that preserved financial stability and protected investors. As the rapporteur for that vote, Berger, the person appointed to report on the process, said he canceled the vote, without specifying when it could be rescheduled.
Pressure for disclosure may have been triggered by reports that a leaked draft of the MiCA proposes to ban cryptocurrencies in the EU due to energy use. If the regulatory proposal becomes law, it would replace all existing crypto-related national frameworks for EU member states without the need to reform laws one by one, potentially leading to a proof-of-work mining ban. Many legislators and regulators in the EU have called for a ban on proof-of-work mining as the crypto space grows and the effects of climate change become more visible.
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