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EU will not consider to ban Bitcoin

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EU will not consider to ban Bitcoin 10

The European Union’s amendment will not consider the environmental impact because of the biggest cryptocurrency, Bitcoin.

In recent months, EU lawmakers proposed an amendment to bring ban provisions for all the crypto assets, which are responsible for huge environmental pollution. In particular, they targeted all the cryptocurrencies based on Proof-of-work Consensus. 

On 1 March, German news outlet BTC-ECHO published a report on this matter and noted that the new amendment to ban Proof-of-work based crypto assets will not consider Bitcoin. 

The amendment bill was proposed by the Markets in Crypto-Assets (MiCA). Its ban framework on Proof-of-work based digital assets will come into effect from 2025. 

When this bill came to light then the majority of the proponents of this crypto industry raised their voice against this controversial rule, which included the Bitcoin ban also. After a huge backslash, Stefan Berger, the lawmaker behind the MiCA, responded on this matter and explained that ban law doesn’t include Bitcoin ban provisions.

Pollution because of Proof-of-stake digital assets

Proof-of-work (POW) is a traditional and old Consensus, which is not efficient in comparison to the Proof-of-stake Consensus-based blockchain networks. 

If we will figure out the highest surge pollution because of blockchain Networks then POW-based digital assets are very far. 

At present, the Solana protocol is causing the highest pollution in the list of all blockchain networks. No doubt that Solana Network is highly efficient over other networks because of its advanced Proof-of-stake Consensus but its high scale use cases are a big reason to harm environmental health.

EU will not consider to ban Bitcoin 9
Yearly carbon footprint of PoS networks compared to a roundtrip flight in business class. Source: CCRI

These facts are raising questions on the criteria of POW Digital assets ban framework of MiCA, instead, they should consider some other facts to bring this amendment into effect.

Read also: Polkadot founder donates $5 million to Ukraine

EU will not consider to ban Bitcoin

 

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