- There comes positive news for the Crypto enthusiasts, as it has decided to go ahead without the provision of banning PoW model crypto assets.
- The European Union’s proposed Markets in Crypto assets (MiCA) has decided not to advance the controversial provision aimed at bounding the use of PoW.
- Parliament further discussed the other related concepts like Non-Fungible Tokens (NFTs) and Decentralised Finance (DeFi)
Recently the European Union eyed a provision that would force the Proof-of-Work based digital assets to shift to a comparatively eco-friendly Proof-of-Stake algorithm in the MiCA draft.
And this European Union’s proposed MiCA regulations were very much in the limelight, especially the excerpt related to outlawing the model of Proof-of-Work used by Bitcoin (BTC).
Cheers to Bitcoin!
But now it seems that there is positive news for the Crypto enthusiasts, as it has decided to go ahead without these clauses.
The European Union’s proposed Markets in Crypto assets (MiCA) has taken a decision not to advance the controversial provision aimed at bounding the use of PoW model crypto assets due to concerns of massive energy consumption.
Earlier the EU lawmakers attempted to reach concurrence with respect to regulating the crypto sector in a better way. This was before it reached a trialogue negotiation between the council, parliament, and commission.
And the present MiCA draft does not consist of such a provision that would ban crypto assets like Bitcoin (BTC) from functioning on the Proof-of-Work model.
According to the German lawmaker leading the MiCA regulation, Stefan Berger, who tweeted late last week, his proposed mandate of not including the PoW ban is not challenged and the EU has shown innovative strength. He further added that the deadline for challenging the mandate ended on Thursday midnight last week. He signified that the trilogy would begin this week.
Parliament further discussed the related concepts like Non-Fungible Tokens (NFTs) and Decentralised Finance (DeFi). The question posed was whether they should be included in the MiCA manifesto. And which of the EU institutions would be chosen to oversee the crypto space.
The European Parliament refused to include explicit language that is for banning PoW crypto assets in a 30-23 vote.
The crypto industry has been witnessing massive changes lately, with many factors like the Russia-Ukraine war, etc., EU’s provision was one of them. And this official denial on banning PoW based assets just adds plus points for the asset class.
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The post EU’s Much Anticipated Provision on PoW Model: Favours Bitcoin appeared first on The Coin Republic: Cryptocurrency , Bitcoin, Ethereum & Blockchain News.
Source: https://www.thecoinrepublic.com/2022/03/28/eus-much-anticipated-provision-on-pow-model-favours-bitcoin/