The section regarding the actual ban on the mining of cryptocurrencies according to the PoW model was excluded from the draft law “On Crypto Asset Markets” (MiCA) by the EU ECON decision.
The European Union is dropping plans to introduce a de facto ban on bitcoin mining and related activities. By January 1, 2025, the Economic and Monetary Affairs Committee of the European Parliament (EU ECON) must submit amendments to regulation 2020/852 to the European Parliament and the Council.
EUECON Committee accepted an alternative amendment (34 against, 24 for) adding bitcoin mining to the taxonomy of EU sustainable finance. This means that the mining of cryptocurrencies under the Proof-of-Work (PoW) consensus model will no longer be restricted in the European Union.
“It seems that reason and common sense have prevailed. We must continue to uphold the principle of technological neutrality. Thanks to everyone who is trying to understand the revolution that is happening now. Europe must remain in global competition!” wrote Pierre Person, parliamentarian from Paris, on Twitter.
It seems that reason and common sense prevailed. We must continue to defend the principle of technological neutrality. Thanks you MEP @OKovarikMEP and all the others who try to understand this revolution. Europe must remain in the global competition! https://t.co/Pja9i0eqXd
— Pierre PERSON (@Pierr_Person) March 14, 2022
The de facto ban on the Proof-of-Work (PoW) consensus mechanism proposed for a vote by the European Parliament was part of the main Crypto Asset Markets Bill (MiCA), introduced in 2020 to tighten regulation of bitcoin and cryptocurrency mining under the Proof-of-consensus model. work.
Source: Bits
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