2 years ago
Quick take:
- The EU’s ECON committee has voted against a connection to prohibition proof-of-work crypto networks successful the region
- 32 members of the committee voted against the connection with 24 successful favor
- The connection was meant to people proof-of-work networks specified arsenic Bitcoin’s that did not conscionable biology sustainability standards
- Crypto mining volition astir apt beryllium added to the EU sustainable concern taxonomy
The Committee connected Economic and Monetary Affairs (ECON) of the European Parliament has conscionable voted against a measure that projected a prohibition connected the usage and mining of each Proof-of-Work crypto networks wrong the region.
The ECON committee met earlier contiguous and voted (34 against, 24 successful favor) to support retired a proviso of a draught of the projected Markets successful Crypto Assets (MiCA) model that would person constricted the usage of energy-intensive proof-of-work networks specified arsenic Bitcoin’s, successful each 27 subordinate states of the European Union.
According to the proposal, each cryptocurrencies utilized and mined successful the European Union would person to adhere to strict ‘minimum biology sustainability standards and acceptable up and support a phased rollout program to guarantee compliance.’
Legislators successful the EU had raised concerns that proof-of-work networks were ‘energy intensive’ and needed to beryllium regulated.
News of the connection failing to walk the voting circular of the EU parliamentary committee is simply a immense triumph for crypto users and miners arsenic it provides immoderate clarity connected the mode guardant for integer assets successful the region.
As a result, Bitcoin and cryptocurrencies mightiness beryllium added to the EU taxonomy for sustainable activities. This script was explored by the Head of Strategy and Business Development astatine Unstoppable DeFi, Patrick Hansen, who shared his insights done the pursuing statement.
The EU taxonomy is simply a classification system, establishing a database of environmentally (un)sustainable economical activities. It provides companies, investors & policymakers with definitions for which economical activities tin beryllium considered sustainable…
If POW was to beryllium deemed unsustainable nether the taxonomy (very likely), mining companies would person a overmuch harder clip getting wealth from European investors, companies, and governments that person to allocate much and much of their superior towards greenish objectives.
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