Will Bitcoin be banned in Europe?

A European Parliament committee is scheduled to vote today on the final version of the draft cryptocurrency asset.

Europe is voting on the final plan of the Crypto Assets Council this time around.

According to the new draft law, cryptocurrencies issued and/or operated in the European Union “will comply with minimum environmental sustainability standards, and a gradual implementation plan will be established and maintained to ensure compliance with these requirements.”

At the end of February, another draft aimed at banning Bitcoin​

Within the EU by 2025, but under heavy criticism within the community, EU lawmakers were forced to abandon their plans to impose a ban on the apex cryptocurrency.

The reference to minimum sustainability as well as implementation requirements appears to be a last-minute change introduced to ban the use of digital currencies based on the “Proof-of-Work” consensus mechanism. Circle co-founder, president and CEO Jeremy Allaire is one of the industry leaders who expressed concern about the proposal.

Proof of Work is the consensus mechanism that governs the Bitcoin blockchain.

For cryptocurrencies like Bitcoin and Ethereum​

Rules already running in the EU propose a phase-out plan to switch their consensus mechanism from proof-of-work to methods that consume less energy, such as proof-of-stake.

Proposed regulations known as Markets for Crypto Assets (MiCA) have the potential to lead to the adoption of cryptocurrencies in Europe.

The draft would also require the European Central Bank to “develop uniform rules at EU level for providers and issuers of cryptocurrency services.”

A European Parliament committee is scheduled to vote today on the final version of the draft cryptocurrency asset. Europe is voting on the final plan of the Crypto Assets Council this time around. According to the new draft law, cryptocurrencies issued and/or operated in the European Union “will comply with minimum environmental sustainability standards, and…