European Union Reportedly Votes Against Banning Proof of Work Cryptocurrencies

After weeks of debates and delays, the EU has voted against a ban on the use and mining of digital proofs of work, such as bitcoin and ether.

• crypto potato previously reported the Markets in Crypto Assets (MiCA) framework developed by the European Union, which had a rather menacing comment seeking the de facto ban on PoW cryptocurrencies.
• The digital asset community, led by Michael Saylor of MicroStrategy, opposed the design, saying it could become a trillion-dollar mistake.
• The vote, originally set to take place at the end of February, was postponed due to Russia’s invasion of Ukraine, but was put back on the table last week and took place earlier today.
• Much to the relief of the community, reports emerged say 32 people voted against the de facto prisoner of war ban, while only 24 were in favor. The proposal was therefore rejected.
• However, as crypto commentators pointed out, those who vote for the ban still have a chance. Nevertheless, there were reportedly enhanced discussions about the types of regulations yet to be included in mining and the entire crypto industry.

“5. By 1 January 2025, the Commission shall, where appropriate, submit to the European Parliament and the Council a legislative proposal amending Regulation (EU) 2020/852, in accordance with Article 10 of that Regulation, with a view to its inclusion in the EU taxonomy for sustainable financing of all cryptoasset mining activities that contribute substantially to climate change mitigation and adaptation.”

• Gemini’s Cameron Winklevoss was one of the first to outline the EU’s “right call”, also pointing out that BTC’s carbon footprint-to-earnings ratio is “so much stronger than other forms of energy consumption in the EU”.

EU parliament makes the right call and votes against proof-of-work ban. The positive implications of Bitcoin cannot be overstated. Furthermore, let’s get the priorities straight, Bitcoin’s carbon footprint to merit ratio is so much stronger than other forms of energy consumption in the EU.

— Cameron Winklevoss (@cameron) March 14, 2022