European Parliament rejects the ban on PoW mining

The European Parliament rejected the version of the draft Digital Assets Marketing Law (Mica) that prohibited mining based on Proof of Work (PoW)

The European Parliament’s Committee on Economic and Monetary Affairs has rejected the version of the draft Digital Assets Market Act (MiCA) that prevented cryptocurrencies based on Proof-of-Work (PoW) mechanisms.

The version of the law that will advance in the discussions within the European Parliament requires the European Commission to modify the proposal so that it “includes any crypto mining activity in the EU sustainable finance taxonomy before 2025.”

Until that date, mechanism-based mining based on Proof-of-Work (PoW) will not be prohibited, but it will also not “be able to receive investments from European companies and governments.”

The rejection of the version of the legislative proposal was welcomed by the crypto community, who were quite impatient at the possibility of facing a fairly rigorous regulatory framework with the main cryptocurrency.

The spokesman and member of the European Parliament Stefan Berger celebrated the Committee’s vote through his social networks. As will be remembered, Berger recently raised the possibility of including “cryptocurrencies and the rest of the financial products within the Taxonomy.”

The parliamentarian considers the inclusion of digital currencies as a tool of the European Union to be of great importance so that financiers can establish their investment opportunities that are adapted to environmental protection policies.

M. Rodríguez


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