EU Lawmakers Drop Bitcoin 'Ban' From Draft of Crypto Regulations

Wakate

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Quote from: hugeblack on March 02, 2022, 06:42:56 AM

European Union lawmakers have scrapped a section of a pending bill that could have made it illegal for crypto services to deal in coins based on proof-of-work.

The question here is that, can they ban Bitcoin and leave other non proof-of-work coins out of ban? Impossible! If that ever happens then the crypto market will fall entirely.

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MiCA has the potential to reshape the adoption of cryptocurrency in Europe and the concern of regulators appears to be that these digital currencies must meet 'minimum environmental sustainability criteria' by 2025.

This is funny, I know they will always extend it as the year draw nearer. They can not ban Bitcoin then leaving other cryptocurrency to walk around. Bitcoin is the boss here and that must be respected.

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In general, with all the current economic problems, will we hear of a "ban" of Bitcoin soon? At least in European countries?

Even though if there is attempt to ban Bitcoin, will those lawmakers and top government officials ever allow that? They'll have crypto assets especially huge quantities of Bitcoin dancing in their wallets. Bitcoin is safe compared to the heavy pollution from industries, vehicles and other sources of air hazard to our surroundings.

alexnad

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It seems they have added it for todays ECON meeting. Hopefully they'll come to their senses and not vote for this Undecided

buwaytress

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^ Yep, and whatever old arguments they might have been able to use in the past as justification for the ban are slowly losing credibility over time (one being that crypto was centralised and prone to manipulation but it's clear to anyone now Bitcoin is anything but, another being that Bitcoin is an energy-intensive industry but also they understand now that it's actually high-value in terms of security and finality).

Can't beat them, join them, you know. And I know they don't want to end up like others who've stubbornly tried to beat them.

PrivacyG

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Quote from: cheezcarls on March 09, 2022, 06:37:34 AM

It’s because they know that if they do ban Bitcoin and other POW coins in the EU, they would be left behind in the future economy. Just in case that if they do ban BTC, Bitcoiners will never stop finding ways in transacting and trading BTC as long the platform is decentralized, non-custodial and cannot be freezed by the government.

They’ll be like China and other anti-Bitcoin countries who will be stumbling and left behind in the evolving economy in the future if they decide to go through with the ban. But I’m glad that they didn’t for now. Although that it’s not yet clear that they officially closed the doors on banning BTC, but let’s just see in the future developments of their discussions.

They also found ways to make things better for themselves. Maybe the larger part of their fear comes from not being in control enough. They know Bitcoin's expansion is inevitable and all they can now do is find ways to monitor and control. Know Your Customer has been doing this for a while successfully. Since there are very few alternatives to exchanges, ATM's et cetera, many just gave up their information.

Most Bitcoiners pay their taxes, use Centralized Exchanges and buy or sell through their bank accounts. Moreover, they have Blockchain Analysis on their hands. On the government's book, they have all the information they needed for all of these people. What seems to still annoy them however is privacy enhancements, privacy coins and not willing to give up information. They can just still not control as much as they wish they could. So the options on the table are probably .. monitor as much as you can and let them use it or ban it and be left behind with the future economy as you say. I can not see a third option.

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cheezcarls

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It’s because they know that if they do ban Bitcoin and other POW coins in the EU, they would be left behind in the future economy. Just in case that if they do ban BTC, Bitcoiners will never stop finding ways in transacting and trading BTC as long the platform is decentralized, non-custodial and cannot be freezed by the government.

They’ll be like China and other anti-Bitcoin countries who will be stumbling and left behind in the evolving economy in the future if they decide to go through with the ban. But I’m glad that they didn’t for now. Although that it’s not yet clear that they officially closed the doors on banning BTC, but let’s just see in the future developments of their discussions.

hugeblack

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UPDATE:

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The plans for a ban on the cryptocurrency Bitcoin in the European Parliament are off the table for the time being. In the final draft of the guidelines for the provision of crypto services (MiCA), there is no longer a passage that would have meant an "end" for Bitcoin in Europe. The report was handed over to the responsible committee for economics and currency (ECON) on Monday by the rapporteur Stefan Berger (CDU). The ECON committee will vote on this next Monday.

Source ---> https://www-heise-de.translate.goog/news/Verbotsplaene-fuer-Bitcoin-durch-EU-Parlament-vorerst-vom-Tisch-6541833.html?_x_tr_sl=de&_x_tr_tl=en&_x_tr_hl=de&_x_tr_pto=wapp

The article above is translated by Google Translate, so I am not sure of the exact wording but it appears that there are currently no plans to ban Bitcoin.
It seems we hear more about "innovation-friendly" than "dark activities and the drug trade."

The ECON will vote next Monday so let's see what happens.

cryptomaniac_xxx

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Quote from: PrivacyG on March 03, 2022, 06:54:08 PM

Quote from: avikz on March 02, 2022, 09:55:34 AM

EU is a environmentally conscious continent but at the same time, economy is a challenge. So I am sure EU legislators will not take such a risky step like banning POW cryptos including bitcoin.

Would be a big mistake on their side and they would in turn fear missing out on a big chunk of the Cryptocurrency market volume. I imagine they are in between banning these coins as they hate their existence so much and keeping the inevitable expansion and growth of Cryptocurrency alive while also not missing out on the things that come with volume. They pretty much have nothing else to do at this point other than accepting the idea that Bitcoin is here to stay.

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PrivacyG

I think it's more of the POW effect on the environment and there are many trying to make this an issue, hence they are some noise that they are going to ban bitcoin and crypto that uses POW.

However, the war intervene so this might be step aside for now. And those lobbyist, specially those who are concern about the environmental conservation might just be waiting again to raise this issue. I'm speculating that in the next 4 years, when we are again in the bull run, this issue will be reopen in EU.

teosanru

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Quote from: avikz on March 02, 2022, 09:55:34 AM

Quote from: hugeblack on March 02, 2022, 06:42:56 AM

In general, with all the current economic problems, will we hear of a "ban" of Bitcoin soon? At least in European countries?

Highly unlikely! EU wouldn't dare to ban bitcoin. They may put some strict guidelines like all mining operations must comply with Green energy norm to reduce the carbon footprint, but a blanket ban is highly unlikely to happen!

EU is a environmentally conscious continent but at the same time, economy is a challenge. So I am sure EU legislators will not take such a risky step like banning POW cryptos including bitcoin.

Banning Mining is something else and banning bitcoin is obviously something else, if we see it from environmental point of view most of the Energy in Europe already is green energy so bitcoin technically is running there on green energy only. We all know that Energy demands of the planet are ultimately going to increase as we develop further so I don't think Europe would look at this with such a narrow perspective.

goldkingcoiner

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Quote from: hugeblack on March 02, 2022, 06:42:56 AM

European Union lawmakers have scrapped a section of a pending bill that could have made it illegal for crypto services to deal in coins based on proof-of-work

Quote

The Markets in Crypto Assets (MiCA) bill, put to the European Parliament by a coalition spearheaded by Stefan Berger, was set for a vote on Monday, February 28. But it was delayed late last week after many in parliament objected to a paragraph regarding proof of work.

Berger confirmed today that paragraph 61 (9c) of the bill has been removed altogether, though the vote has yet to be rescheduled.

Source ---> https://decrypt.co/94157/eu-lawmakers-drop-bitcoin-ban-draft-crypto-regulations

MiCA has the potential to reshape the adoption of cryptocurrency in Europe and the concern of regulators appears to be that these digital currencies must meet 'minimum environmental sustainability criteria' by 2025.

In general, with all the current economic problems, will we hear of a "ban" of Bitcoin soon? At least in European countries?

Hmm, too bad. Perhaps that would have been one of the main motivations to really move Defi and Decentralized Exchanges forward and create better technology for those areas. Centralized Exchanges are a thing of the past and should have died out a long time ago. Centralization goes against everything Bitcoin stands for. Whats the point of having your Bitcoin in a place that can confiscate your funds for any reason at any time? Its basically a bank but fancier.

PrivacyG

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Quote from: avikz on March 02, 2022, 09:55:34 AM

EU is a environmentally conscious continent but at the same time, economy is a challenge. So I am sure EU legislators will not take such a risky step like banning POW cryptos including bitcoin.

Would be a big mistake on their side and they would in turn fear missing out on a big chunk of the Cryptocurrency market volume. I imagine they are in between banning these coins as they hate their existence so much and keeping the inevitable expansion and growth of Cryptocurrency alive while also not missing out on the things that come with volume. They pretty much have nothing else to do at this point other than accepting the idea that Bitcoin is here to stay.

-
Regards,
PrivacyG

Husires

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The energy problem will make them more strict in wasting energy. Bitcoin mining is one of the activities that "waste energy"
we may find more legislation that restricts mining, but I don't think we will see the same thing for trading or investing.
Taxes are good for both individuals and countries, so they are the best option for governments instead of banning Bitcoin, which could mean losing some money.

Parliament and legislatures will focus on the economy and the war in Ukraine more than banning Bitcoin.

Gozie51

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Quote from: Maestro75 on March 02, 2022, 07:56:59 AM

I like this type of news centering around FOMO for bitcoin and it is good to get them at a war time like what we have now. I do not know whether it came about as a result of the war between Russia-Ukraine to cushion any effect of what the result of the war can bring. Maybe politicians in EU are now beginning to realise the need to move for bitcoin acceptance in that region. Gradually this type of legislation will spread through other continents and bitcoin will become global.

Certainly they are beginning to drive the bitcoin policy by themselves. But I think Putin and Zelensky were already thinking of this war and trying to strategize about how to freely transact, Putin surely saw it coming and today the reality is with the world. The adoption is beginning to draw nearer with this war and Ukraine asking for finance through BTC and altcoins.

avikz

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Quote from: hugeblack on March 02, 2022, 06:42:56 AM

In general, with all the current economic problems, will we hear of a "ban" of Bitcoin soon? At least in European countries?

Highly unlikely! EU wouldn't dare to ban bitcoin. They may put some strict guidelines like all mining operations must comply with Green energy norm to reduce the carbon footprint, but a blanket ban is highly unlikely to happen!

EU is a environmentally conscious continent but at the same time, economy is a challenge. So I am sure EU legislators will not take such a risky step like banning POW cryptos including bitcoin.

Lucius

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Quote from: hugeblack on March 02, 2022, 06:42:56 AM

~snip~
In general, with all the current economic problems, will we hear of a "ban" of Bitcoin soon? At least in European countries?

I think any ban on Bitcoin in the EU would be counterproductive, not only in terms of all ordinary ignoramuses or bank mercenaries trying unsuccessfully to push their environmental agenda "Bitcoin mining is bad for the environment", but also from the economic aspect that the whole cryptocurrency industry contributes to the EU economy.

In my country, the turnover on the domestic crypto exchange was equal to the turnover on the domestic stock exchange last year, which means that there is a huge interest of investors, and other EU countries certainly do not intend to remain without income from this sector.

It is completely frivolous and stupid to go in the direction of any Bitcoin ban if we know that the myth of Bitcoin as an environmental problem has long been shattered - so for God's sake, the Bitcoin mining share of electricity in the world is only 0.14% or 220 TWh, and annual electricity loss energy is as much as 50 000 TWh.

If the limited EU bureaucrats still decide to implement some crazy decision and impose bans, we always have the choice to relocate to El Salvador or some other friendly country Wink

Maestro75

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I like this type of news centering around FOMO for bitcoin and it is good to get them at a war time like what we have now. I do not know whether it came about as a result of the war between Russia-Ukraine to cushion any effect of what the result of the war can bring. Maybe politicians in EU are now beginning to realise the need to move for bitcoin acceptance in that region. Gradually this type of legislation will spread through other continents and bitcoin will become global.

hugeblack

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European Union lawmakers have scrapped a section of a pending bill that could have made it illegal for crypto services to deal in coins based on proof-of-work

Quote

The Markets in Crypto Assets (MiCA) bill, put to the European Parliament by a coalition spearheaded by Stefan Berger, was set for a vote on Monday, February 28. But it was delayed late last week after many in parliament objected to a paragraph regarding proof of work.

Berger confirmed today that paragraph 61 (9c) of the bill has been removed altogether, though the vote has yet to be rescheduled.

Source ---> https://decrypt.co/94157/eu-lawmakers-drop-bitcoin-ban-draft-crypto-regulations

MiCA has the potential to reshape the adoption of cryptocurrency in Europe and the concern of regulators appears to be that these digital currencies must meet 'minimum environmental sustainability criteria' by 2025.

In general, with all the current economic problems, will we hear of a "ban" of Bitcoin soon? At least in European countries?

Topic: EU Lawmakers Drop Bitcoin 'Ban' From Draft of Crypto Regulations (Read 385 times)