If the Commission and the Council of the EU do not abandon a severe modification to the MiCA framework, Bitcoin would be prohibited in the beginning in 2025.
The European Parliament has attempted to outlaw Bitcoin and other proof-of-work (PoW) cryptocurrencies, according to a report published by German cryptocurrency media source BTC-ECHO.
The final version of the much-anticipated Markets in Crypto-Assets (MiCA) framework, a set of cryptocurrency regulation, includes a section prohibiting the “environmentally unsustainable” consensus process.
This suggests that Bitcoin may become outlawed in the European Union as of January 1, 2025. Businesses would be barred from providing any services related to proof-of-work cryptocurrency.
Stefan Berger, the framework’s center-right rapporteur, told the site that the plan was “very likely” to be approved.
It was pushed by the Social Democrats, the Greens, and the Left Party, all of which are from the center-left.
The introduction of the Bitcoin prohibition was opposed by several Christian Democrats and right-wing conservatives, but it was a deal-breaker for the parties that favored cracking down on proof-of-work.
Before coming to a decision later this year, the European Commission will undertake a trialogue with member states and the Parliament.
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