- Bitcoin and other Proof-of-Work blockchians celebrate good news.
- The European Union revised its crypto regulations bill.
- A Bitcoin ban will be very unlikely once the bill passes.
Crypto investors rejoice as EU lawmakers decide to drop the Bitcoin ban from its crypto regulations. In detail, seasoned Bitcoin investor — David Lark, calls for celebration. Specifically, he tweets the good news for Bitcoin.
In detail, Stefan Berger — the primary parliamentarian working on the crypto regulations bill says that the part about a Bitcoin ban could likely be a misunderstanding. In fact, he says the passage was misinterpreted.
Above all, the crypto regulations bill aims to simply provide a regulatory framework that all of Europe can abide by. The fact is, this bill saw a bit of a delay due to the phrasing of some of its language.
In particular, the use of the words ‘environmentally unsustainable consensus mechanism’ was the source. It has since been rectified. To highlight, the passage meant something along the lines of Proof-of-Work (PoW) blockchains are illegal.
Thus, if this passage had passed without clarification blockchains and crypto services using the PoW consensus would face legal issues. Indeed, having resolved this matter, Bitcoin and other PoW blockchains can now bask in the good news.
To specify, the bill is known as the Markets in Crypto Assets (MiCA) bill. After this amendment, the European Parliament will soon take a vote to pass the bill. Once done, the European Union will have a clear framework for all things crypto.
Perhaps this event will encourage other nations to follow suit and create their own set of crypto regulations. Twitter is already abuzz with the good news for Bitcoin. As we can see from the tweet itself, many are looking forward to the vote and are eager to see what’s next.
Recommended News :
Crypto News Land (cryptonewsland.com), also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.