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The ECON committee voted against a provision that could limit Proof-of-Function mining in the EU, passing an alternative solution rule.

The ECON committee voted against a provision that could limit Proof-of-Function mining in the EU, passing an alternative solution rule.

  • The EU ECON committee voted on Monday to eliminate a section associated with a de-facto ban on bitcoin mining in the continent.
  • The provision has been portion of the MiCA rules, the EU draft legislation to modify Bitcoin and cryptocurrencies that offered Monday’s voting session.
  • An alternative solution amendment on PoW approved, incorporating bitcoin mining to the EU sustainable financing taxonomy.

EUROPE (EU) provides dropped its programs to impose a de-facto ban on bitcoin mining and associated activities which could allegedly hurt the regions attempts to market sustainable technologies, in accordance with multiple reports.

The proposed de-facto ban on the Proof-of-Work (PoW) consensus system was part of a significant draft bill in the EU, the Markets in Crypto Property (MiCA) legislation, presented in 2020 to tighten regulation around Bitcoin and cryptocurrency by establishing a far more comprehensive and streamlined regulatory framework over the continent.

It appears that reason and good sense prevailed, Paris MEP Pierre Individual tweeted. We must continue steadily to defend the principle of technological neutrality. Europe must stay in the worldwide competition!

The EU Committee on Economic and Monetary Affairs (ECON) voted contrary to the PoW ban on Monday, while passing a fresh amendment that provides cryptocurrency mining to the EU sustainable financing taxonomy.

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However, the broader MiCA legislation had been accepted with 31 votes to 4 and 23 abstentions, according to an official news release by the European Parliament. Along with needing a legislative proposal to add any cryptocurrency mining activities that contribute substantially to climate change in the EU taxonomy for sustainable activities, MiCA defines regulatory agencies to oversee the Bitcoin and cryptocurrency markets, supports marketplace integrity and economic stability, and consists of measures against marketplace manipulation also to prevent cash laundering, terrorist financing along with other criminal activities, per the release.

“By adopting the MiCA document, the European Parliament offers paved just how for an innovation-friendly crypto-regulation that may set standards worldwide,” prospect MEP, Stefan Berger, stated in the release.

UPDATE (Mar 14, 2022 9: 00 pm UTC): Adds info from official European Parliament news release throughout.

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