Recently, the Economic Policy Committee (ECON) of the European Parliament voted towards the bill to ban Proof-of-Work (PoW). 32 members voted towards, 24 members voted in favor. And the vast majority of these who voted in favor draft had been members of the Green Party, the Progressive Alliance of Socialists and Democrats.
MiCA is a regulatory framework, consisting of 126 articles or blog posts, a thorough implementation prepare for EU institutions and member states. The draft was launched in 2020 as element of the Digital Finance method. However, some rules have language that could lead to a ban on crypto routines primarily based on the Proof-of-get the job done, or PoW protocol.
On March seven, European Parliament member Stefan Berger submitted a new proposal to the ECON committee of the European Parliament. Stefan Berger proposes scrapping the MiCA rules banning PoW. He would like the cryptocurrency to be additional to the EU classification technique. Here, the MiCA will be reviewed by the European Parliament, the European Commission and the Council of the European Union. Although there are “many rounds” left, this is a excellent signal for cryptocurrencies.