EU Rejects Ban on PoW Cryptocurrencies
Main page News, European Union, Crypto Market, Regulations

The European Union has voted against proposed rule that could have banned all cryptocurrencies based on the proof-of-work algorithm like bitcoin (EXANTE: Bitcoin) and ether. The European Parliament's committee had 31 votes in favor of the rule to 4 and 23 abstentions.

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

The rule called for restrictions on ecologically unsustainable algorithms starting from January 2025. However, the draft faced widespread opposition from the sector. Stefan Berger, a member of the EU Parliament and rapporteur of MiCA, wrote on Twitter that members of the parliament have "paved the way for future-oriented crypto regulation."

"It is now a matter of accepting the report as a whole in the final vote & sending out a strong signal for innovation," Berger added.

Dubai Sets Up New Regulatory Body for Crypto

The vote comes after US President Joe Biden signed a long-awaited executive order to study the legal and economic conditions for developing a US central bank digital currency (CBDC), and how the US authorities can protect crypto investors.

Specifically, the White House required the Department of the Treasury and other federal agencies to develop policy recommendations to "address the implications of the growing digital asset sector and changes in financial markets for consumers, investors, businesses, and equitable economic growth."

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.

Read also:
Please describe the error