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EU Parliament Scraps Proof-of-Work Ban Following Backlash: Report
The language had sparked enough of an outcry that a Monday vote on the bill's passage was indefinitely delayed.
Updated Apr 10, 2024, 2:13 a.m. Published Mar 1, 2022, 5:44 p.m.
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German crypto news outlet BTC-ECHO reported a new version of the Markets in Crypto Assets (MiCA) legislation removes controversial wording that would have banned cryptos like bitcoin that rely on the proof-of- work blockchain-based algorithm.
- CoinDesk reported last week that European Union parliamentarians had proposed rules to prohibit crypto services reliant on environmentally unsustainable consensus mechanisms like proof-of-work starting in January 2025. CoinDesk later reported the parliament had indefinitely postponed the Feb. 28 vote after the proposal sparked a sizable outcry.
- "It is crucial for me that the MiCA report is not interpreted as a de facto ban on bitcoin," Stefan Berger, the member of the European parliament in charge of shepherding through the legislation, told CoinDesk at the time.
- On Tuesday Berger confirmed to the BTC-ECHO that the language banning proof-of-work had been eliminated.
- The deletion should presumably allow for a vote on the bill to go forward. For now, Berger says talks have resumed, but no date has been set.
Richtig ist: Der Paragraph ist nicht mehr im Text. Der Bericht muss erst noch im Ausschuss abgestimmt werden. Bei dieser Abstimmung sehen wir dann, wo die Mehrheiten liegen. Die Entscheidung ist noch nicht gefallen.
— Stefan Berger (@DrStefanBerger) March 1, 2022
STORY CONTINUES BELOW
UPDATE (March 1, 2022, 21:15 UTC): Adds a statement.
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