- 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.
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