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.
