EU Parliament Backtracks Ban On Bitcoin’s Proof-Of-Work
The ECON committee voted against a provision that would limit Proof-of-Work mining in the EU, passing an alternative rule.The EU ECON committee voted on Monday to remove a section relating to a de-facto ban on bitcoin mining in the continent.The provision was part of the MiCA rules, the EU draft legislation to regulate Bitcoin and cryptocurrencies that passed on Monday's voting session.An alternative amendment on PoW passed, adding bitcoin mining to the EU sustainable finance taxonomy.The European Union (EU) has dropped its plans to impose a de-facto ban on bitcoin mining and related....
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European Parliament’s economic and monetary affairs committee has voted against banning proof-of-work-based assets for companies in the European Union. An alternative proposal on crypto assets by European Parliament member Stefan Berger receives support instead.
Committee Rejects Proof-of-Work Ban
The Committee on Economic and Monetary Affairs (ECON) voted on the proposed Markets in Crypto Assets (MiCA) framework Monday. The proposal includes a de-facto ban on proof-of-work, a last-minute addition to the bill.
According to Patrick Hansen, head of strategy....
While centralized exchanges might think they want to promote proof-of-stake blockchain projects, they misunderstand the value of Bitcoin’s proof-of-work model.
It is evident that proof-of-work is a pure representation of free-market forces as opposed to the control of proof-of-stake.
The proof is in the pudding when it comes to Bitcoin’s proof-of-work mechanism versus a proof-of-stake consensus mechanism debate.
“It is crucial for me that the MiCA report is not misinterpreted as a de facto Bitcoin ban,” said Stefan Berger. The parliament of the European Union is delaying a vote on a framework aimed at regulating cryptocurrencies amid concerns over proof-of-work mining.In a Friday Twitter thread, European Parliament economics committee member Stefan Berger said the government body had canceled a vote on the Markets in Crypto Assets, or MiCA, framework scheduled to take place on Monday. Berger said parliament needed to clarify “the question of proof-of-work” in discussions with stakeholders to....