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.), including Bitcoin, due to the reactions, and then it may cause Bitcoin to be within the scope of the ban. It was announced that the statements were removed from the bill. According to the latest news, similar expressions have entered the bill again. For details cryptocoin.com keep reading.
PoW-based cryptos like Bitcoin are banned!
The 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. Patrick Hansen, Unstoppable Finance manager, shared the following about the latest move of the European Parliament:
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 states in his post that the wording of the PoW ban has changed, but the effect is essentially the same, emphasizing that it will affect BTC as well, as Bitcoin has no way of implementing and executing its exit plan from PoW.
Meanwhile, Paris MP Pierre Person stated that the regulation of cryptocurrencies will adversely affect the future of PoW-based cryptocurrencies, in a post on his Twitter account:
The MiCa ordinance 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 states that MiCa is a significant break from the principle of technological neutrality and underlines 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 regulation is envisaged in the said draft?
According to the draft, “the publication, offering, or acceptance for trading of crypto assets deemed unsustainable” will be prohibited. It is stated that the following statements are included in the text:
Before cryptocurrencies can be issued, offered or accepted for trading within the European Union, the consensus mechanism used to verify their transactions 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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