European Parliament voted against cryptocurrency ban on PoW
A ban on mining was in question because of the law on cryptocurrency markets
15.03.2022 - 07:00
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What’s new? On March 14, the European Parliament’s Economic and Monetary Affairs Committee voted against a ban on cryptocurrency mining based on the Proof-of-Work (PoW) consensus algorithm, Finbold reports. The decision, which could have shifted mining to environmentally friendly mechanisms, failed to get the required number of votes in parliament.
What preceded it? The Markets in Crypto-Assets Act (MiCA) law included a ban on “environmentally unsustainable consensus mechanisms” in its original form. Later, the requirement focused on “environmentally friendly” cryptocurrencies was removed from the MiCA rules. However, this amendment was reintroduced into the document at the last minute before the vote.
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