EU Voted Against Potential PoW Mining Ban: Report

EU voted against the potential PoW mining ban from the proposed package governing crypto regulation so let’s read more today in our latest cryptocurrency news today.

The EU lawmakers agreed to drop the mention of a potential PoW ban from the crypto regulation framework. The EU PArliament’s Committee on Economic and Monetary Affairs spent the day discussing the proposed Markets In Crypto Assets REgualtaion which was designed to coordinate the EU’s approach to crypto.

Make no mistake: if they manage to ban PoW, they'll come for PoS next, & every other sybil resistance mechanism after that.

This isn't just about environmental impact: it's about the right of non-state money to exist. Their strategy is divide & conquer. Let's not fall for it.

— Jake Chervinsky (@jchervinsky) March 14, 2022

ECON rejected versions of the package that contained a de facto ban on proof-of-work crypto mining used by cryptocurrencies like Ethereum and bitcoin. One of the advisors involved in the negotiations said:

“There were two alternative compromises that were related to this watered-down version of the ban of unsustainable protocols. These kinds of compromises containing this de facto ban of unsustainable mechanisms were rejected. The proposal that caused all that mobilization will not be part of the [MiCA] text.”

The vote to reject the language on a mining ban succeeded by a count of 32 to 23 with six individuals abstaining. The EU voted and there won’t be a ban on cryptocurrencies like Bitcoin and Ethereum. The proposed regulatory framework has been generating controversy for a while now. The legislative package included a section for PoW blockchains to meet the minimum environmental sustainability standards to be exchanged, mined, or used in the EU region.

Some EU lawmakers weren’t happy with the wording but the vote was still delayed amid the fears that the package could have been misinterpreted as a de facto Bitcoin ban according to Stefan Berger, the Chairman of the EU parliament economics committee. Today, the parliamentarians rejected a further version tabled by the EU Green Party.
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The revised proposal read:

“Crypto assets shall be subject to minimum environmental sustainability standards with respect to their consensus mechanism used for validating transactions, before being issued, offered or admitted to trading in the Union.”

PoW mining used by the biggest cryptocurrencies such as Bitcoin and Ethereum has generated quite the scrutiny from environmentalists. Bitcoin consumes mroe electricity per year than most of the world’s countries and depending on the energy source, this can translate to a huge carbon footprint. The advisor continued:

“We think it’s not a good thing. We hoped to have something in the legislation that would at least open the debate and our discussion on some measures that could address the environmental impact of crypto assets.”