European Parliament postpones crypto invoice vote over proof-of-work

“It is indispensable for me that the MiCA document is no longer misinterpreted as a de facto Bitcoin ban,” acknowledged Stefan Berger.

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European Parliament postpones crypto bill vote over proof-of-work

The parliament of the European Union is delaying a vote on a framework geared toward regulating cryptocurrencies amid concerns over proof-of-work mining.

In a Friday Twitter thread, European Parliament economics committee member Stefan Berger acknowledged the executive body had canceled a vote on the Markets in Crypto Assets, or MiCA, framework scheduled to raise snarl on Monday. Berger acknowledged parliament desired to account for “the quiz of proof-of-work” in discussions with stakeholders to develop certain a upright correct framework, including that some could well misread the proposal as a ban on crypto.

“The discussion about MiCA indicates that particular person passages of the draft document is seemingly to be misinterpreted and understood as a [proof-of-work] ban,” acknowledged Berger. “It could per chance maybe well also be lethal if the EU Parliament despatched the rotten signal with a vote below these cases.”

Die Abstimmung des EU-Parlaments zu #MiCA wird auf meine Forderung hin abgesetzt und nicht am 28. Februar stattfinden. Als Berichterstatter ist es für mich zentral, dass der MiCA-Bericht nicht als de-facto #Bitcoin-Verbot missinterpretiert wird @btcecho 1/4

— Stefan Berger (@DrStefanBerger) February 25, 2022

The MiCA, first offered to the European Price in September 2020 and adopted by the European Council in November 2021, aimed “to carry out a regulatory framework for the crypto-sources market that helps innovation and attracts on the aptitude of crypto-sources in a potential that preserves monetary stability and protects merchants.” Because the rapporteur of that vote — the person appointed to document on its lawsuits — Berger acknowledged he canceled the vote, no longer specifying when it is miles seemingly to be scheduled again.

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The push for clarification could well merely had been brought on by reports that a leaked draft of the MiCA proposed banning using cryptocurrencies in the EU over their exercise of vitality. If enacted, the regulatory proposal would replace all most new national frameworks on crypto for EU member nations without the need to reform authorized guidelines one at a time, which can maybe obtain potentially ended in a ban on proof-of-work mining.

Many lawmakers and regulators in the EU had been calling for a ban on proof-of-work mining as the crypto home grows and the impacts of climate switch change into extra visible. A Swedish monetary watchdog and the Swedish Environmental Protection Company known as for a ban on proof-of-work mining in November, a circulation that got criticism from some commerce leaders.

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