As it will be remembered, the European Parliament postponed the bill that prohibits Proof of Work (PoW) based cryptocurrencies (Ethereum, Litecoin, Dogecoin, Bitcoin Cash etc.) It was announced that the expressions that could cause the According to the latest news, similar expressions have entered the bill again. For details, continue reading Kriptokoin.com.
PoW-based cryptos like Bitcoin are banned!
The said bill is expected to be voted on Monday, March 14. However, according to the latest news, statements that could mean that Bitcoin is within the scope of the ban were added to the bill, which will be voted on Monday. Unstoppable Finance manager Patrick Hansen shared the following regarding the European Parliament’s latest move:
Bad news for Bitcoin and cryptocurrency in the EU. The PoW ban basically goes back to the European Parliament draft, which will be voted on in committee on Monday. I have read the latest draft.
Patrick Hansen, in his post, the wording of the PoW ban has changed, but the effect is essentially the same He points out that this will affect BTC as well, since there is no way Bitcoin can and does implement its exit plan from PoW.
Paris MP Pierre Person, meanwhile, shared on his Twitter account that the cryptocurrency regulation will adversely affect the future of PoW-based cryptocurrencies:
MiCa regulation will be voted on next Monday. In its current form, it definitively bans the future of crypto-assets in Europe. The European Parliament encumbers our monetary and financial sovereignty by banning Bitcoin and Ethereum, complicating the use of NFT and DeFi.
Pierre Person is a major departure from MiCa’s principle of technological neutrality He points out that MiCa prohibits the exchange or issuance of crypto assets based on PoW protocols. Person says this regulation will lead to a deadly regulation that excludes Bitcoin and Ethereum from Europe.
What kind of arrangement is envisaged in the said draft?
According to the draft, “publishing, offering or accepting for trading crypto assets deemed unsustainable” will be prohibited. The text states that the following statements are included:
The consensus mechanism used to verify transactions before cryptocurrencies can be issued, offered or accepted for trading within the European Union will need to comply with minimum environmental sustainability standards.
Crypto assets that are requested to be issued, offered and accepted for trading within the European Union will ‘by this date’ need to establish and adhere to a phased plan to comply with the set requirements.
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