Members of EU committee votes against POW crypto assets ban


The members of the European Union voted against the proposal of a ban on cryptocurrencies based on Proof-of-work Consensus and causing huge pollution. 

In recent few months, the crypto industry saw huge debate and discussion on the provisions of ban or restrictions on the crypto companies to deal with those crypto assets which are based on the Proof-of-work based Consensus, under the proposed framework of Markets in Crypto Assets (MiCA). 

Earlier on 14 March, the members of the European Parliament’s Committee on Economic and Monetary Affairs showed a negative stance on the provisions of the MiCA framework and voted against the ban on Proof-of-work cryptocurrencies. 

This news entered the crypto market as better news because, since the fourth quarter of last year, the crypto market was looking at this proposal as the biggest negative move. It was just like a big hammer, which was able to open a portal for the crypto Industry toward hell. 

Change and improvement in the MiCA framework 

When the first version of  MiCA framework went into the public domain, the majority of the people noted the Proof-of-Work based crypto assets ban. 

According to the old version of drafted bill, there was a provision to restrict all companies to avoid the use of those Proof-of-work based crypto assets, which are causing pollution. In particular, the bill was targeting Bitcoin significantly at number one priority. 

However, lawmakers claimed that the bill doesn’t include any plan to ban Bitcoin but that was not enough for the crypto industry. 

Last week, officials citing this matter confirmed that they removed the Proof-of-work ban word from the drafted bill. 

Later crypto news website Coindesk investigated the bill and found the bill was still including Proof-of-work based cryptocurrencies ban or restrictions indirectly with the wording of some softer stances. 

Now here current report confirmed that no more hurdles will revolve in the industry on this matter. 

Read also: Iran seems doubtful at its own stance on Crypto mining industry