Bitcoin will be banned in the EU starting from 2025 if ... - page 3.

DapanasFruit

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Quote from: Anonylz on February 23, 2022, 10:30:34 PM

Quote from: mynonce on February 23, 2022, 09:40:41 PM

Just read this report:

EU on Track to Ban Bitcoin: Report
'Bitcoin will be banned in the EU starting from 2025 if the Commission and the Council of the EU don’t ditch a crippling amendment to the MiCA framework'

source: https://u.today/eu-on-track-to-ban-bitcoin-report

I don't know what they want, but I wanted you to know this ...

They feel btc not environmentally friendly so they will probably ban it in 2025 if no better option is provided. The target is to ban btc and other proof of work crypto out there. According to the article, soon "businesses would be prohibited from offering any services associated with proof-of-work cryptocurrencies".
Although they are yet to conclude, it seems they are pretty determined. I just hope they don't reach that conclusion to ban.

In case the main concern is the environment then I am sure that in three years time there will already be established alternatives as far as the power requirement for the mining of Bitcoin. There are now moves to use renewable energy - and there are already mining operations using them - including the use of geothermal power where El Salvador get into the news for its plan to use volcano power for mining. Maybe the reason why there is that 3-year timeframe is because they are really waiting for alternatives for the mining...and once they can ascertain that mining has become green then maybe they would be allowing Bitcoin under strong regulatory framework.

worle1bm

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They are all excuses to curb it's existence and usages by the people of nation as btc pose direct threat to their central monopoly and fiat usage so they print such news.But still we are speaking of three years ahead and people change their viewpoint about Bitcoin within months so there is complete possibility they will rethink what they have said and come up with positive approach instead.Even if not it's their loss and btc will still be working with or without their support.

pooya87

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Quote from: pooya87 on February 24, 2022, 12:10:51 AM

So they think if they start by "banning" bitcoin they can save on some energy to reduce the duration of that inevitable blackout.

If my analysis of the reasons behind this is correct this ban can be pursued more seriously now (at the very least for mining) because of the new developments over the past days. Some experts are speculating gas price to jump to $2000 per cubic meter if the energy crisis worsens, similar jumps for oil and coal are also expected as oil price already reached $105.

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Quote from: mynonce on February 23, 2022, 09:40:41 PM

Just read this report:

EU on Track to Ban Bitcoin: Report
'Bitcoin will be banned in the EU starting from 2025 if the Commission and the Council of the EU don’t ditch a crippling amendment to the MiCA framework'

source: https://u.today/eu-on-track-to-ban-bitcoin-report

I don't know what they want, but I wanted you to know this ...

They are still proposing this ban on cryptocurrency so there are lots of processes to undergo and I am sure there will be opposition on this for many have seen the positive impact of BTC and other cryptocurrencies. Instead of banning, these people should think of ways to maximize the potential good effect of crypto to their country and create laws to minimize if not avoid exploitation of the crypto industry.

TelolettOm

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There is "if.........."
So, this doesn't mean that it will be absolutely banned in 2025. There are still chances, many chances that crypto will not be banned.
Moreover we may know that in 2025, the crypto market may be ongoing in the bullish era (hopefully if based on the halving history).

Sometimes, this relates also to the politics and also other interests that will influence a regulation in a country. When there is different person, there may be also a different statement again.
But, I ma not sure that this will be banned moreover so far, we have seen the rgwoth of crypto industry around.

suzanne5223

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Ever since the EU government raised a red flag on Binance exchange for offering Margin trading for EU citizens have presumed a day like this will come but they ought to have placed a ban on Bitcoin this year instead not 2025.
This is reminded of the thread where the Ontario Superior Court of Justice ask the wallet creator/provider to freeze a self-custodian wallet of a user.
Having said that, if the EU government ban Bitcoin I am sure their citizen will always find a way round just like we see in China.

CaVO32

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Quote from: DeathAngel on February 24, 2022, 06:07:56 PM

I don’t think this is going to happen. Strict regulation is possible but outright bans, no, not likely imo. Too many people are invested in bitcoin & governments like taxing people on their profits of it. I don’t see a hitcoin ban happening in the west, no way.

Let's say, theoretically, they will ban its usage. Do you think their citizens won't find a way how to go around their government? With the nature of bitcoin being decentralized, I don't think a specific government can truly ban its usage among its people. So instead of banning it, why not properly established its regulation so they can generate income from this market?

DeathAngel

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I don’t think this is going to happen. Strict regulation is possible but outright bans, no, not likely imo. Too many people are invested in bitcoin & governments like taxing people on their profits of it. I don’t see a hitcoin ban happening in the west, no way.

Welsh

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Quote from: TheNineClub on February 24, 2022, 05:51:08 PM

As I mentioned in some other posts, tides are constantly changing, and we are in a time where ideas will be thrown around and some might stick, some might not. Also, crypto is constantly changing, and it's moving with the times so I doubt today's situation will be the same in 3 years' time. So let's not jump the gun, it's not that far, but it's far enough for a lot to change.

Even if this was true, the public perception of Bitcoin hasn't changed all that much over the years, actually I do think a lot more people are getting into Bitcoin because of the amount of exposure, but I still see the same concerns about Bitcoin that were around years ago. One of the examples which absolutely infuriates me is people still seem to think that Bitcoin can't be converted to fiat, I've personally had this discussion so many times, and sometimes it's with the same people, they sort of acknowledge it, and then go back to asking the same questions.

Although, one thing for sure is the media has proven over time that it'll publish articles which aren't true in the slightest to get clicks, I don't know what it's with people, but they love it when Bitcoin has a negative stigma around it. I can only assume this is through the constant propaganda that's published, and people see Bitcoin as a threat to themselves, instead of a solution to a problem that they've been wanting to get out of for years i.e using banks.

The energy issues will likely stick, even if Bitcoin proved it improved ten fold, it will likely carry this negative stigma for years.

TheNineClub

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Quote from: mynonce on February 23, 2022, 09:40:41 PM

Just read this report:

EU on Track to Ban Bitcoin: Report
'Bitcoin will be banned in the EU starting from 2025 if the Commission and the Council of the EU don’t ditch a crippling amendment to the MiCA framework'

source: https://u.today/eu-on-track-to-ban-bitcoin-report

I don't know what they want, but I wanted you to know this ...

As I mentioned in some other posts, tides are constantly changing, and we are in a time where ideas will be thrown around and some might stick, some might not. Also, crypto is constantly changing, and it's moving with the times so I doubt today's situation will be the same in 3 years' time. So let's not jump the gun, it's not that far, but it's far enough for a lot to change.

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Quote from: mynonce on February 23, 2022, 09:40:41 PM

Just read this report:

EU on Track to Ban Bitcoin: Report
'Bitcoin will be banned in the EU starting from 2025 if the Commission and the Council of the EU don’t ditch a crippling amendment to the MiCA framework'

source: https://u.today/eu-on-track-to-ban-bitcoin-report

I don't know what they want, but I wanted you to know this ...

Whenever you read something fuddy like this you really should not forget to ask yourself: what is the point of this article? What is the goal behind it? Is it something that can actually come true or is it just something that is written for the sake of getting a lot of readers with a snappy headline?

If you were to ask me, I would go with the latter.

Obviously there have been many attempts by many countries to "ban" Bitcoin. None of those attempts have worked. Even China with its special internet which is shielded off from the rest of the world can't ban Bitcoin. So what chance do they have in the EU?

Sanitough

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Quote from: JeromeTash on February 24, 2022, 04:45:44 PM

Many be banning trading Bitcoin on regulated centralized exchanges operating in the EU, but not banning Bitcoin. You can't just "ban" a very decentralized network like that. How will they ban me from using Bitcoin network to make transactions?

Its easy for those lawmakers and regulators in EU to put a ban on bitcoin and all crypto transactions but the question is if they can succeed it as its already know that a lot of countries have tried to ban bitcoin but until now, they cannot succeed from doing it. So i don't think if they can sustain the ban later on.

"However, nobody expected it to become a deal breaker and to make it into the final report,” said Patrick Hansen, the head of growth at Unstoppable Finance and a contributor for RegTrax, Stanford University’s working database on fintech policy. https://finance.yahoo.com/news/eu-parliamentarians-push-limit-bitcoin-114902741.html

JeromeTash

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Many be banning trading Bitcoin on regulated centralized exchanges operating in the EU, but not banning Bitcoin. You can't just "ban" a very decentralized network like that. How will they ban me from using Bitcoin network to make transactions?

Welsh

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Quote from: pooya87 on February 24, 2022, 12:10:51 AM

It is so funny when environment comes into discussion where there are literary hundreds of industries that are wrecking the environment millions of times worse than bitcoin can ever do.
The reality is that things like this have nothing to do with environment. The fear is about energy and how EU is starving for it. They also fear the future and how any conflict (like the one with Russia like now) can cut them off and causes a total blackout in most of Europe. So they think if they start by "banning" bitcoin they can save on some energy to reduce the duration of that inevitable blackout.
Essentially the same stupid thing China did a couple of months ago that didn't change anything, they still faced the same worsening energy crisis.

Aye, but we live in a world full of hypocrisy. The very people advocating to better the environment, are the same people that rely on the industries which you allude to that are wrecking havoc on it. That's just a matter of a fact, and applies to almost every single one of them. Even the so called green projects are manufactured with the existing bad industries, which means while their product might be green, the process on getting it there wasn't. Yeah, eventually they'll get there, I do acknowledge that, and we should probably be thinking of bettering ourselves, and the environment we live in, but it's infuriating that they basically manipulate the opinion on Bitcoin, just because it's hard to prove that we aren't exactly good for the environment.

I personally haven't seen any hard evidence that Bitcoin is any worse than the multiple unnecessary industries which are polluting the environment. Until then, I don't think there's any urgency when compared with other industries. Do I think we should be looking to improve wherever we can, yeah. However, I think there's far bigger industries where we should be pointing the finger per say before we drag Bitcoin through the dirt.

tygeade

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Quote from: Darker45 on February 23, 2022, 10:35:13 PM

I don't think this will be implemented. Of course, there will be heavy counter-arguments against this. As a matter of fact, there are already a number of EU countries where Bitcoin is allowed. For sure, EU won't commit the mistake of embracing cryptocurrency while implementing a ban on Bitcoin. They would end up embracing centralized shitcoins instead. If they are to get deeper and understand why cryptocurrency became a thing in this post-modern era, the answer would precisely be what Bitcoin offers.

Let's hope it wont because for now it seems that it was only just a plan but with no assurance yet. There will be a counter to this because there are also people that are like bitcoin to stay on this country. They just wont agree about the ban because they are already earning a benefit with it.

Some says they will only ban btc and alike that are not friendly to environment so it is possible that other cryptos that are more greener in the environment can remain but that doesn't automatically mean that those are shitcoins. If no btc no other cryptos will also exist, I think they understand that already but for them that is not enough to fully embrace btc.

avikz

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From the article it seems that the major concern of EU is environment while considering a ban on bitcoin or other POW coins. It's not a myth that EU is one of the most environmentally conscious continent but the ban on cryptocurrency might further worsen their debt laden economy.

To be honest, banning bitcoin is a task that is easier said than done! Let the EU enforcement agencies find a needle in the haystack.

pooya87

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Quote from: Anonylz on February 23, 2022, 10:30:34 PM

They feel btc not environmentally friendly so they will probably ban it in 2025 if no better option is provided.

It is so funny when environment comes into discussion where there are literary hundreds of industries that are wrecking the environment millions of times worse than bitcoin can ever do.
The reality is that things like this have nothing to do with environment. The fear is about energy and how EU is starving for it. They also fear the future and how any conflict (like the one with Russia like now) can cut them off and causes a total blackout in most of Europe. So they think if they start by "banning" bitcoin they can save on some energy to reduce the duration of that inevitable blackout.
Essentially the same stupid thing China did a couple of months ago that didn't change anything, they still faced the same worsening energy crisis.

Victorik

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2025 is about three years from now. And between you and I, we know that this decision will definitely hit the rock. I don't see it coming to light.
Well, if they decide to do so, who cares. China did and the price of Bitcoin ended up soaring. They are just toothless dogs in the fight against Bitcoin. Let them keep fighting, they will always fail.

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It was pushed by center-left Social Democrats, the Greens and the Left Party.

What a surprise, the lefties, the socialist and the greens, the perfect combo.
After destroying Germany's energy sector and turning it into a net importer of everything, spending billions each year with the only reward of becoming the country with the most expensive electricity in Europe now they are planning another one, to again save the planet on their own.

Sometimes I really do hope Russia would their gas and see how good those solar panels and windmills are when they aren't backed up by nuclear gas and coal. Wasting billions to make daily life even more expensive and in the end ending up burning more fossil fuel than before. Cuz logic!

Zlantann

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Although Stefan Berger who is the Chairman of Committee for Economic and Monetary Affairs (ECON) stated that the proposal would very likely go through. But we must wait until February 28 when the final decision on the draft is to be made in the Parliament because there are still strong oppositions to the proposal.

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