EU Parliament Moves To Ban Bitcoin With Measures

• -The government, which is working to adapt cryptocurrencies to energy-yield settlement mechanisms, also introduces a new MICA provision.
• -There are suggestions for a rule that can be effective in banning the cryptocurrency bitcoin.

There is uncertainty about these rules, which will be put to a vote by European Union parliamentarians on Monday. The purpose of MICA is to create a draft of the rules determined by the EU in the management of digital assets and submit it to the vote. The parliament’s committee on economic and monetary affairs has developed an overall package of rules.

MICA aims to enforce restrictions on crypto powered by energy-intensive computing processes. That’s why it has additions to limit the uses of supported cryptocurrencies. On voting, many committee members will be able to vote against this situation.

CoinDesk Started Reflecting Its Opinions On The Subject!

Coindesk has started to express some thoughts about the provision in question. It shared some topics about consensus mechanisms before all crypto assets are issued, offered, or accepted for trading. In particular, he stated that crypto-assets should comply with the minimum environmental sustainability standards set by the EU. In this way, there will be no problems with the mechanisms used to verify transactions.

• -The EU parliament has come up with some rules for cryptocurrencies such as bitcoin and ETH. It plans to phase out these currencies’ consensus mechanisms from proof-of-work to methods that use less energy.
• -While plans to move ETH following consensus mechanisms may be realized, it is still unclear whether this will be the case for bitcoin.
• -There are many reactions to the rule by the crypto communities. But many EU parliamentarians continue to push for bans on cryptocurrencies because of energy concerns, even if energy is renewable.
• -It stated that this situation, which was the previous version of the provision, should be banned in 2025. But this provision was dropped before it even became a draft. For this reason, there has not been any activity that has started.

As a result, after the parliament has decided on the bill, the European commission, council, and parliament will negotiate on the issue. The decision of this negotiation, which will take place in tripartite form, is awaited. If you are interested in this subject and you want to examine the details more, click here to review our other article on the subject.