Proof of Work (PoW) ban could come back in the Markets in Crypto Assets (MiCA) legislation of the European Union (EU).
Last week, the European Union (EU) voted against banning Proof of Work (PoW) cryptocurrencies in a proposed bill on crypto regulation in the bloc.
But the ban provisions could make a comeback.
The Markets in Crypto Assets (MiCA) proposal will now be open for negotiations.
Member of the European Parliament, Stefan Berger, revealed on Tuesday that he has received negotiating mandate for trilogue with Commission and Council.
Now the proposal in its current form (without the PoW) ban provisions has to go through the trilogue.
The negotiating mandate can be challenged if a tenth of the Members of the European Parliament (71 votes) are in favour; its deadline is Wednesday, March 23.
If the mandate is challenged successfully, the granting of the trilogue mandate will be voted on in April in the plenary.
In case, the plenary is against the trilogue mandate, MiCA would be tabled again for a vote by the plenary.
A problem in this situation is that “the last attempt to stop MiCA in its current form (without PoW) could be made here.
Political groups like S&D and Greens could bring in new motions to ban PoW cryptocurrencies.
“This would open Pandora’s box again. If S&D / Greens decide to challenge my trilogue mandate despite winning the committee vote, it would be fatal.”
This could also delay MiCA by months. So, on Wednesday, an important decision will be made about the future of PoW crypto in Europe. PoW crypto mining has been in question for quite long.
Last year China had cracked down on cryptocurrencies citing their carbon footprint.
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