European Parliament will conduct a vote on the crypto bill with no PoW Provision

March 8, 2022

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Stefan Berger said that the strong support for MiCA is a powerful signal from the EU Parliament for a technology impartial and creation friendly financial sector. European Union Parliament has planned a vote on a framework intended for governing digital currencies after expressing problems over proof-of-work (PoW) mining. In a recent tweet, European Parliament Committee on Economics and Monetary Affairs member Stefan Berger said that the council will vote on the Markets in Crypto Assets which is called MiCA following the resignation of an ultimate draft of the bill.

Berger said that with MiCA, European Union can set international standards. Thus, the involved are asked to help with the submitted draft and to vote for MiCA. The rapporteur added that the regulation intended to provide legal assurance and establish reliable supervisory structures for crypto assets in-between problems around the power consumption of mining. Nonetheless, the committee will still have conversations on the bill with the European Council and the European Commission pursuing the vote.

The MiCA bill was first introduced to the European Commission in 2020 and accepted by the European Council at the end of 2021. It mainly aimed to create a regulatory framework for the crypto assets market that aids innovation and draws on the potential of crypto assets in a path that conserves monetary stability and protects investors. Berger suspended a council vote on the bill initially scheduled for 28th February, referring to the need to explain the question of proof-of-work, PoW, in meetings with stakeholders.






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