European ParliamentThe bill that allows to ban cryptocurrencies using proof-of-work (PoW) mining, including Bitcoin (BTC), has come up again. According to the latest reports, the EU parliament will put the bill to a vote on Monday. The bill had previously received a huge backlash from the crypto community and had it removed from MiCA (Markets in Crypto Assets).
Head of Strategy and Growth, Unstoppable Finance Patrick Hansenhas released some important updates that have been added to the bill. Noting that there are two alternative bills to be submitted to the parliament, Hansen stated that only one of them will enter into the regulation.
“Before being exported, offered or accepted for trade from the European Union, cryptoassets will be subject to minimum environmental sustainability standards regarding the consensus mechanisms used to validate transactions.
Cryptoassets issued, offered or accepted for trading in the European Union prior to (the effective date) will be subject to and maintained on a phased distribution plan, in accordance with the terms and in compliance with such requirements.”
3/ An alternative to the ban is supported by EVP, AKR, Liberals (Renew) and ID.
The alternative is tabled and supported by rapporteur @DrStefanBerger and explicitly doesn’t contain any ban.
More infos on the second alternative here: https://t.co/0HFACRTZCD pic.twitter.com/YVkHqKNQp0
— Patrick Hansen (@paddi_hansen) March 12, 2022
The Member of Parliament in Paris announced that he approved the vote of the bill.
(1/9) MiCa regulation will be voted on next Monday. As it stands, it definitively condemns the future of crypto-assets in Europe. By banning Bitcoin and Ether, by complicating the use of NFT and DeFi, the European Parliament is mortgaging our monetary and financial sovereignty.
— Pierre PERSON (@Pierr_Person) March 11, 2022
Is There Any Possibility of Adoption of the Bill?
Patrick Hansen states that the members can vote in favor of the bill, since an addition was made at the last minute, and he hopes that it can be left to the next tripartite negotiations.
8/ But this is uncertain & you never know what comes out of the negotiations, esp. given the fast-changing macro-environment.
No one expected it to pass in the EU Parliament either.
The risk of this insane proposition going through is higher than ever. https://t.co/EsfE2hvyGr
— Patrick Hansen (@paddi_hansen) March 12, 2022
This move came amid tensions between Russia and Ukraine. The EU has imposed financial sanctions against Russia with the US and other countries. To avoid these sanctions, Russia cryptocurrencyThe speculations that he can use them are frequently in the press. Meanwhile, voices to regulate sanctions on Russia’s use of digital assets also made the headlines again.