European Parliament has confirmed that language that would have banned crypto mining in Europe has been REMOVED from the proposal.
German media first reported that a "de facto ban" on Bitcoin in the European Union has been put on hold for the time being. According to the source, they have access to a fresh draft of the law in which the contentious paragraph has been eliminated entirely.
Environmentalists and social democratic factions would have pushed for the inclusion of the articles, which would have outlawed any Proof of Work mining, which includes cryptocurrency like Bitcoin.
"In particular, they [cryptocurrency service providers] may not enable the acquisition or trading of such crypto assets, and they may not offer custody services for said crypto assets," according to the legislation. The rule also called Bitcoin's proof-of-work (PoW) algorithm a "environmentally unsustainable consensus mechanism."
Those Who Supported It Faced Public Pressure...
Patrick Hansen, the Berlin-based strategy leader of the DeFi project Unstoppable Finance, launched a campaign a week ago to urge the bitcoin community to exert pressure on their European Parliament MPs. Hansen urged his fans to contact MEPs and express their opinions on the law text. This campaign generated a lot of buzz on social media.
However, one Dutch parliament member warns that this is not the same as a decision in favor of mining either, and that another move to ban crypto mining could be on the horizon.
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Author: Mark Pippen
London News Desk
Breaking Crypto News
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