European Union seems to throw plans to ban bitcoin off the table

Last week there was a lot of speculation about a possible European ban on ‘large Proof of Work coins’, or bitcoin. The plans seem to be off the table for now, as an important paragraph in the bill has been completely deleted. Nevertheless, according to Stefan Berger, the member of parliament who submitted the proposal, the decision regarding MiCa has not yet been taken.

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Two months ago we wrote about an agreement of the European Council on MiCa’s proposal: ??????Regulation on Markets in Crypto Assets???????. A vote in the European Parliament was scheduled for February 28, but due to a huge opposition from the bitcoin community about this proposal, the vote has been postponed. The bill contained a number of rigorous measures that would have a major impact on crypto service providers.

For example, the European Union would like to ban all coins with the consensus mechanism ‘Proof of Work mining’ (PoW) with MiCa. This is the consensus mechanism that Bitcoin runs on and is crucial to the security of the Bitcoin network. The ban should take effect January 1, 2025.

However, one of the proposers of the proposal, EU parliamentarian Stefan Berger, has decided to cancel the vote after an interview about MiCa. According to him, several statements have been completely misunderstood.

?ǣIt is critical to me that the MiCa report is not interpreted as a de facto ban on bitcoin,?ǥ Berger told CoinDesk.

Last Tuesday, the German announced that the paragraph that was so much to do has been completely deleted. This does not mean that the European Union no longer wants to regulate bitcoin at all; the vote on MiCa’s proposal will continue. When this will happen, however, has not yet been announced.

We previously wrote extensively about the content and possible impact of the MiCa proposal .

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