- The ECON of the European Union voted “no” regarding the indefinite ban of Proof-of-Work cryptocurrencies in the bloc.
- 30 voted against banning PoW, while 23 voted yes. The remaining 6 abstained.
- This means Bitcoin and Ethereum will be approved in the European Union.
In a decisive session, the European Parliament’s Committee on Monetary Affairs (ECON) voted to retain crypto mining in its Markets in Crypto-Assets (MiCA) regulation.
Basically, this decision now allows Proof-of-Work (PoW) cryptocurrencies like Bitcoin and Ethereum on European Union states. This also means that the MiCA regulation has more clarity now regarding how the EU will regulate cryptocurrency.
To bring the uninitiated up to speed, worry spread throughout the crypto community in the last couple of days due to the possibility of banning PoW assets. This implied that the top two cryptocurrencies in the world, namely Bitcoin and Ethereum, will be outlawed in the mentioned group of nations.
According to Patrick Hansen, Head of Strategy at Unstoppable DeFi, 30 voted against banning PoW cryptocurrencies. On the other hand, 23 voted yes, while 6 abstained.
Over the weekend, members of the EU Parliament pushed to ban PoW over energy concerns. They also said that even if cryptocurrencies used renewable energy, it would mean that governments would prioritize crypto mining over public use.
In other news, GameFi frontrunner Axie Infinity has been experiencing a steady decline in players due to nagging economic problems. This has been happening despite the game reaching $4 billion worth of transactions since its creation.
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.