EU parliamentarians want to restrict Bitcoin use due to energy concerns
European Union (EU) lawmakers are preparing to discuss proposed rules to regulate cryptocurrencies. Some lawmakers are pushing for a ban on energy-intensive cryptocurrencies like Bitcoin.
EU parliamentarians push for restriction of crypto mining
The Markets in Crypto Assets (MiCA) regulatory package under discussion includes a provision limiting the use of the consensus mechanism known as proof-of-work (PoW) in the 27-member union. This comes at a time when various lawmakers and regulators in the EU have been calling for a ban on mining cryptocurrencies since at least November of last year.A proposed provision seeks to ban crypto services that rely on environmentally unsustainable consensus mechanisms beginning in January 2025. In the provision, lawmakers specifically refer to PoW, which is used to mine popular cryptocurrencies such as Bitcoin and Ether. The push to restrict the use of these assets comes primarily from the Green Party and the Socialists. However, Stefan Berger of the centre-right European People's Party is in charge of the process, and he does not believe MiCA is the right place to set technological or energy-related rules. In his opinion, the package aims to regulate cryptocurrencies as assets.
What is the MiCA framework?
Launched in 2020, the MiCA framework aims to introduce oversight of the crypto industry at the EU level. The proposal sets rules for cryptocurrency issuers and service providers of cryptocurrencies and even specifies rules for stablecoins. It also aims to introduce a licensing system to facilitate the expansion of crypto companies in member states. Discussions between the European Commission, Council, and Parliament on finalizing the MiCA are expected to begin at the end of February.EU lawmakers began looking at energy issues after Swedish regulators published an open letter in November 2021 calling for a blockchain-wide ban on cryptocurrency mining. Politicians in Germany, Spain, and Norway decided to support the open letter. Crypto advocates resisted the notion that regulators could hastily impose a ban when the regulation would suffice.
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