Bitcoin Avoids De Facto Ban in Europe

[Mariel90 46]

Bitcoin has escaped a de facto ban in Europe after a contentious proposal was defeated in parliament.

The EU's Markets in Cryptoassets Regulation, or MiCA for short, would have required Proof-of-Work blockchains like Bitcoin's to meet "minimum environmental sustainability standards."

However, Unstoppable Finance's head of strategy Patrick Hansen claims that 32 politicians on the Economic and Monetary Affairs Committee voted against the proposal, while only 24 voted in favor.

I wasn't expecting a ban in the first place (because they can't), but it's nice to know that someone isn't always rallying against cryptocurrency.

[debetrayed 44]

According to the official press release, only four members voted for the ban, while 31 voted against it:

https://www.europarl.europa.eu/news/en/press-room/20220309IPR25162/cryptocurrencies-in-the-eu-new-rules-to-boost-benefits-and-reduce-threats

[Bwinn 10]

These people understand its worth, and it is clear that they do not take strict measures against it, particularly by outlawing it. What's next for those who want it outlawed?

Instead, they could simply enact regulations to protect their citizens from fraud and scams. Taking advantage of the opportunity will result in a favorable outcome. They will receive nothing in return if it is prohibited.

[mobsCatwoman 36]

These people understand its worth, and it is clear that they do not take strict measures against it, particularly by outlawing it. What's next for those who want it outlawed?

Instead, they could simply enact regulations to protect their citizens from fraud and scams. Taking advantage of the opportunity will result in a favorable outcome. They will receive nothing in return if it is prohibited.

[BiomeDaredevil 51]

This is a slap in the face or a wake-up call to everyone who is now attacking Bitcoin from the standpoint of environmental concerns. They are obviously hypocrites. Although this does not completely resolve the issue, it does make it clear that the EU's goal is to "increase user confidence and support the development of digital services and alternative payment instruments."

Members of the European Parliament, in response to those who have singled out Bitcoin in their phony environmental advocacy, "stress that other industries (e.g., the video games and entertainment industry, data centers) also consume energy resources that are not climate-friendly." If these critics are truly concerned about the environment, perhaps they should also call for a ban on video games, entertainment, data centers, and other similar activities.

[Ygritte 42]

Those who vote against it have their reasons and are free to do so because everyone has the right to an opinion; they will most likely continue on that part, but because they are a minority, their opinion will be ignored.

The goal of banning PoW is not to protect citizens from scam projects, but rather to raise awareness about mining and its negative effects on the environment. With the outcome of the vote, the next step is for them to look for a better way to address the issue; hopefully, banning is off the table for the time being.

[ancest0r 31]

I anticipate that now that the possibility of a PoW ban has been eliminated, we can move on to the creation of strict regulations to govern the cryptocurrency industry, which is exactly what the next phase will entail. We should be grateful that, rather than imposing a blanket ban on the industry on the basis of high energy consumption, we are seeing some common sense with this outcome. Perhaps many parliament members are finally seeing the light after reading the pages and pages of accusations from those on the left and greens who are primarily opposed to Bitcoin.

[zardinark 56]

That's surprising, isn't it? Europeans are known for being environmentally conscious, so I expected them to vote in favor of it rather than against it. It would have compelled EU miners to seek alternative energy sources rather than relying on conventional ones. However, because they have now voted against it, the current mode of operation will continue to operate. The POS ban would undoubtedly be bad news for the community!

[Karloof 9]

Such ridiculous organizations can only force other ridiculous centralized organizations to bend to their will. They cannot compel a decentralized currency such as bitcoin to do anything.
This statement is not only ridiculous, but it also demonstrates how little people understand the world.

[zardinark 56]

Tweet this: https://twitter.com/paddi hansen/status/1503401992215044097

S&D, Greens, and GUE are the anti-bitcoin parliamentary groups.

Remember the European voters in this forum. Is the party for which you voted in your country a member of one of these Eurogroups?

[dewhoop 60]

Have you ever wondered what they mean when they talk about a minimum environmental sustainability standard?

I'm not sure why these are still in operation: cars, factories, satellites, rockets, and everything else that runs on fuel.

We have nuclear and green energy sources to replace fuel consumption; why don't they completely replace it on the planet so that we can have so-called "minimum environmental sustainability standards?"

Nothing but politics and nothing else. I'm not sure and don't want to compare how much energy mining requires to all those things that run on gas. However, it is far less, and they continue to believe that it is harmful to the environment. Lolz.

[ComputerWitherSkeleton 51]

I am relieved that there are still politicians and clerks in Europe who can use their brains and reject such mindless regulations. Cryptocurrency mining in the EU is a negligible percentage, and even if this BS regulation had been imposed, cryptocurrency prices would not have been affected.
These so-called "minimum environmental sustainability standards" are utter nonsense.
The "green lobby" within the European Union appears to be pushing its agenda.
They have failed for the time being, but they may try again in the future with another mindless environmentalist regulation or law.