The European Union will today vote on the MiCA bill that will restrict mining-based blockchains. According to reports, a controversial restriction on cryptocurrencies that operate the PoW mechanism such as Bitcoin and Ethereum is still under scrutiny, which has raised significant concern in the crypto community.
Critical vote for Bitcoin and altcoins from EU
The final result of the voting will be announced today at 19.00-20.00 CEST. The prisoner-of-war ban was reintroduced into the MiCA proposal over the weekend, despite initial assurances from the bill’s rapporteur, Member of Parliament Stefan Berger, that the ban would be lifted. Specifically, EU ministers are expected to vote electronically in the European Parliament’s Committee on Economic and Monetary Affairs to approve either version of the bill. The high energy cost and carbon footprint of mining PoW coins pose a problem for the EU parliament. If the vote passes, the following mining cryptocurrencies could face severe restrictions.
- Bitcoin (BTC)
- Ethereum (ETH)
- Dogecoin (DOGE)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- Monero (XMR)
cryptocoin.com As we reported, the voting of the MiCA bill was delayed last month after the first criticisms of the PoW ban. According to the latest draft of the MiCA law, cryptocurrencies issued or sold in the EU will be subject to minimum environmental sustainability criteria, according to the latest draft of the MiCA law, which will develop a phased distribution plan to guarantee compliance with these requirements.
Reviews of experts
French politician Pierre Person said the move would condemn the future of crypto in the EU and complicate regulations on growing areas like DeFi and NFTs.
(6/9) The European Union is condemning the development of our companies by imposing a regulation that is disconnected from their activity. NFT is a technological standard, it is the underlying that should be the object of regulation. Have we regulated TCP/IP?
— Pierre PERSON (@Pierr_Person) March 11, 2022
Jean-Marie Mognetti, co-founder and CEO of CoinShares, said this move is narrow-minded and that much of PoW mining now relies on carbon-friendly electricity sources such as natural gas and renewable energy. Mognetti also pointed out that advances in mining technology have reduced energy requirements.
Meanwhile, the bill will go through the adoption process by organizations like the European Commission and the Council of Europe after being voted on by the ECON committee. As a result, the measure still has a long way to go before it becomes law. It is also possible to change the relevant restriction provision at a later date.
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