A lot of discussion surrounding EU’s proposed MiCA regulations, especially the provisions of banning Bitcoin

There’s been a lot of discussion surrounding the EU’s proposed MiCA regulations, especially the text aimed at outlawing proof-of-work cryptocurrencies like Bitcoin. Now, the law is moving forward but without these clauses.

It’s official: EU said No to provisions restricting Bitcoin

The European Union’s (EU) proposed Markets in Crypto Assets (MiCA) regulatory package has decided not to advance the controversial provision targeted at limiting the use of the proof-of-work cryptocurrencies due to energy consumption concerns.

Before moving on to the three-paragraph talks between parliament, council and commission, EU lawmakers are trying to reach a consensus on better regulating the crypto space. MiCA’s current draft does not include a provision banning cryptocurrencies like bitcoin from operating on the proof-of-work protocol.

Stefan Berger,

the German lawmaker leading the MiCA regulation tweeted on Friday that his proposed mandate of not including a POW ban is not challenged and that the EU has shown “innovative strength.” The deadline for challenging the mandate ended at midnight on Thursday, Berger added, and ​​the MiCA trilogue will begin next week.

NFTs token and DeFi were other topics discussed by the parliament. Whether they should be included in the MiCA package and which EU institutions will be responsible for overseeing the crypto space.

On March 14, the European Parliament refused to include explicit language to ban proof-of-work cryptocurrencies in a 30-23 vote. The losers need a tenth of the vote among MPs to veto a quick MiCA procedure through the first paragraphs to reinstate the proof-of-work ban.

Europe accounts for around 12-14% of total BTC mining hash power, according to August 2021 figures from the University of Cambridge. Ireland and Germany have a large share of that total, so the global hash rate is unlikely to be affected.

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

You might also like

LATEST NEWS

LASTEST NEWS

[Chainlink] 一文读懂随机数对于Web3的重要意义

“随机性”指没有规律或不可预测的状态。比如扔硬币、指纹图案以及雪花的形状都是不可预测的。大自然中充满了随机性,但在计算机环境中却并非如此。计算机的一大特点是确定性,因此仅靠一组算法可能无法实现真正的随机性。…