in Europe cryptocurrency There was a surprising development in the arrangement.
The European Parliament, together with the MiCA law that will regulate cryptocurrencies, of bitcoin It wants to ban cryptocurrency services “based on consensus mechanisms that are not environmentally sustainable,” including
Proof Of Work Cryptocurrencies Like Bitcoin Wanted To Be Banned
The said development was noticed in the compromise proposal created by the European Economic and Monetary Affairs Committee (ECON).
If the law is passed, cryptocurrencies based on the Proof of Work mechanism such as Bitcoin may be banned in Europe from January 1, 2025. The European Parliament will make its final decision on the law on 28 February.
“The Draft Bill Will Most Likely Pass”
ECON president Stefan Berger said in his statement that the bill in question will “very likely” pass the parliament.
As head of ECON, Berger is best known for being responsible for a significant portion of the design of the MiCA bill, which regulates cryptocurrencies.
The bill is persistently demanded by the SPD, Greens and die Linke parties in Germany. Other parties oppose the ban on cryptocurrencies such as Bitcoin in the bill.
The SDP, the Greens and die Linke said they would reject the MiCA bill without the ban section.
European Commission to Announce its Decision at the End of the Year
After the vote, which will take place on Monday, talks between the European Commission, Parliament and member states will begin.
The European Commission will then be tasked with evaluating the Parliament’s proposal. A decision is expected by the end of this year. In the 2020 bill, the European Commission opposed the Bitcoin ban.
Robert Kopic, executive director of the Blockchain For Europe association, said he thinks the ban will “leave Europe behind compared to the rest of the world.”