[Blockchain Today Correspondent Lee Ji-eun] The ban on the use of proof-of-work networks, which has been at the center of intense discussion in the European Union’s (EU) virtual asset regulation framework, MiCA, will be officially deleted.
On the 27th (US time), as part of the EU’s efforts for proper regulation in the cryptocurrency sector, Crypto Potato will deliver MiCA without Proof-of-Work Cryptocurrency regulations to a trilateral trilogue consisting of the European Parliament, the Council, and the Executive Committee. said to appear to be
Initially, the EU placed a regulation in MiCA to make it illegal for proof-of-work cryptocurrency networks such as Bitcoin and Ethereum to consume huge amounts of power, but it was decided not to proceed any further due to controversy.
According to the report, European Parliament member Stefan Berger, who is leading the MiCA regulation, tweeted on the 25th, “My proposal to remove the proof-of-work ban has been accepted, and the EU shows ‘innovative power’ gave,” he said. According to Rep. Berger, the deadline for objecting to the objection ended at midnight on the 24th, and the three-party negotiations with the MiCA will start next week.
It is known that NFT and DeFi (Decentralized Finance) are still discussing whether or not the EU Parliament should include MiCA.
Meanwhile, on the 14th, the European Parliament voted 30 to 23 against the inclusion of a ban on proof-of-work cryptocurrencies in MiCA.
Cryptopotato reported in a previous report that Europe accounted for around 12-14% of Bitcoin mining hash power, citing the University of Cambridge’s August 2021 statistics. However, as Ireland and Germany account for the largest share of all of Europe, global hashrates will not be affected.
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