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Here are the details of the European vote that failed to ban Bitcoin mining and when it is due to reconsider

Here are the details of the European vote that failed to ban Bitcoin mining and when it is due to reconsider

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Answer Here are the details of the European vote that failed to ban Bitcoin mining and when it is due to reconsider

After weeks of discussion and delays in developing and preparing the draft.

Finally, the European Union voted against banning the use of the Proof of Work mechanism, or what is known as mining cryptocurrencies such as Bitcoin and Ethereum.

We mentioned in the Arab Bitcoin Earlier we talked about the Markets in Crypto Assets (MiCA) framework developed by the European Union, which had a note threatening to effectively ban cryptocurrencies using the PoW mining mechanism.

The crypto community, led by Michael Saylor of MicroStrategy, has opposed the draft, saying it could become a trillion-dollar bug.

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It is worth noting that the vote, which was scheduled to take place in late February, was postponed due to the Russian invasion of Ukraine, but was put back on the table last week and was held earlier in the day.

appeared Reports It states that 32 people voted against the actual ban on the mining mechanism, while only 24 people agreed to the ban.

Hence, the proposal was rejected.

However, as many analysts and followers of the crypto market have pointed out, those who voted for the ban still stand a chance.

It is reported that there have been improved discussions about the types of regulations that still need to be included that control the entire mining and crypto industry.

As stated in the statement explaining this:

By 1 January 2025, the Commission shall submit to the European Parliament and, as appropriate, the European Council, a legislative proposal to amend Regulation (EU) 2020/852, in accordance with Article 10 of that Regulation, with a view to including it in the EU’s sustainable finance classification relating to cryptocurrency mining activities that contribute significantly to climate change mitigation and adaptation.

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