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EU Won't Ban Bitcoin After All

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Tue, 03/01/2022 - 18:41
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Alex Dovbnya
The European Union is no longer banning Bitcoin
EU Won't Ban Bitcoin After All
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The European Union (EU) has backpedaled on its controversial plan to ban the energy-guzzling proof-of-work consensus algorithm, according to a report published by German news outlet BTC-ECHO.

As reported by U.Today, an amendment prohibiting businesses to deal with Bitcoin was recently added to the draft of the Markets in Crypto-Assets (MiCA) framework. It would have restricted the use of the “environmentally unsustainable” cryptocurrency starting from 2025.   

After facing severe backlash, Stefan Berger, the lawmaker behind the MiCA, took to Twitter to clarify that it wasn’t supposed to be a de facto ban on the largest cryptocurrency. A high-stake vote on the expansive cryptocurrency regulatory framework was postponed on Feb. 25.

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The provision, which could potentially cripple the cryptocurrency industry within the EU, has now been scrapped, according to German politician Stefan Berger.

It remains unclear when exactly the E.U. Parliament intends to vote on the latest version of the MiCA draft.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.