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Will Bitcoin be banned in Europe? The vote that could hit crypto

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A proposed rule that could lead to a ban on bitcoin will be voted on by the European Union, with the outcome very much undecided.

EU lawmakers are working on a sweeping package for governing digital assets.

The draft contains a late addition that looks to limit the use of crypto that is powered by the ‘proof-of-work’ computing process.

This is a blockchain-based algorithm that secures many cryptocurrencies, including Bitcoin and Ethereum.

Although the vote is still a close call, it’s believed that a small majority of committee members may vote against the measure.

Stefan Berger, the rapporteur behind the MiCA framework, clarified that the bill wasn’t supposed to be a de facto Bitcoin ban.

The draconian provision has been scrapped from the bill.

Crypto backlash

Although there are plans to move ethereum to a proof-of-stake consensus mechanism, it’s unclear whether the same option is available for bitcoin.

The provision was met with swift backlash from the crypto community worldwide.

Costa is a news producer at ticker NEWS. He has previously worked as a regional journalist at the Southern Highlands Express newspaper. He also has several years' experience in the fire and emergency services sector, where he has worked with researchers, policymakers and local communities. He has also worked at the Seven Network during their Olympic Games coverage and in the ABC Melbourne newsroom. He also holds a Bachelor of Arts (Professional), with expertise in journalism, politics and international relations. His other interests include colonial legacies in the Pacific, counter-terrorism, aviation and travel.

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Six strategies to build a six-figure property portfolio

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Achieve your dream retirement with these key property investment approaches

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Hosted by the Founder of The Investor’s WayAndrew Woodward.

In this episode, Andrew is joined by Moxin Reza, Director of Invest0r Partner Group.

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Experts reveal how to spot investment-grade properties

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Crucial tips for choosing the right property to secure long-term financial success

Investment Insights is an informative and inspiring interview-style show that dives into the world of money management and wealth creation, making complex financial concepts accessible to all.

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Tricks of the trade: how to navigate market volatility with confidence

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Strategies to manage risk and seize opportunities in uncertain times

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Hosted by the Founder of The Investor’s WayAndrew Woodward.

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