The European Union will vote to ban the POW crypto mining mechanism on Monday

The European Union will vote to ban the POW crypto mining mechanism on Monday

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Answer The European Union will vote to ban the POW crypto mining mechanism on Monday

A bill allowing the European Parliament to ban PoW cryptocurrencies, including bitcoin, is back in draft pending final broadcast.

According to the latest reports, the European Parliament will vote on it on Monday.

Earlier, the suggestion was removed Markets in Crypto Assets (MiCA) Which has already faced a backlash from the crypto community.

The European Union will vote to ban PoW:

Patrick Hansen, Head of Strategy and Growth at Unstoppable Finance, has posted some important updates regarding the Proof of Work proposal.

He stated that there are two alternative bills that will be presented to the House of Representatives.

He added that only one of them will make it to the final list.

Quoting from the draft law:

Cryptocurrencies are subject to minimal environmental sustainability standards regarding the consensus mechanism used to validate transactions, before they are issued, offered or accepted for trading in the union.

Cryptocurrencies that have been issued, offered or accepted to be traded in the Federation before [الرجاء إدخال تاريخ بدء نفاذ هذه اللائحة] Prepare and maintain a phased offering plan to ensure compliance with these requirements, in accordance with the terms and criteria referred to in paragraph 3.

A member of Parliament for Paris confirmed the vote on the bill.

Will the bill be adopted by the European Union?

Patrick Hansen suggested that since the draft on crypto mining was added at the last minute to the bill, members could vote for it.

Read:World’s Richest Crypto and Blockchain Billionaires 2022

However, it is also expected that it will be dropped in the future in the upcoming tripartite negotiations.

The move came amid the Russian-Ukrainian conflict.

The European Union, the United States and other countries have previously imposed financial sanctions on Russia.

The possibility of Russia using cryptocurrencies to evade these sanctions is being promoted.

Meanwhile, some voices calling for the regulation of sanctions on the use of digital currencies by Russia also made the headlines.

Read also:

Crypto between Russia and Ukraine: China stands as Russia’s reliable partner amid US sanctions

Rich Russians are selling their cryptocurrency in the United Arab Emirates

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