Cryptocurrency: EU Proposal Seen As De-facto Ban on Bitcoin Fails in Vote. All You Need to Know

The European Parliament’s economic and monetary affairs committee voted 30-23 to remove the provision from a draft of the EU’s proposed Markets in Crypto Assets (MiCA) framework, which governs digital assets

The European Union (EU) has vetoed a planned law that would have effectively banned the popular cryptocurrency bitcoin across the EU.

It opted to drop a planned rule in the framework that would have made it illegal for persons in the EU to generate cryptocurrencies like Bitcoin using an energy-intensive procedure.

However, the European Parliament’s economic and monetary affairs committee on March 14 voted 30-23 to remove the provision from a draft of the EU’s proposed Markets in Crypto Assets (MiCA) framework, which governs digital assets. Six members of the committee voted no.

The divisive plan aimed to reduce pollution caused by the most inefficient cryptocurrency. Even if the idea failed, officials are sure to scrutinise cryptocurrencies as the EU attempts to address the twin issues of climate and energy. As China banned cryptocurrencies last year, getting rid of their pollution has become a global game of whack-a-mole.

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