Bitcoin has avoided a virtual ban in Europe after a controversial motion was voted on in Parliament that could have changed the direction of the cryptocurrency market and could force regulation of cryptocurrency markets in the European Union to comply with “standards”. minimum environmental sustainability”.
But according to Unstoppable Finance chief strategist Patrick Hansen, 32 politicians on the Committee on Economic and Monetary Affairs voted against the proposal, with just 24 in favour. He described the result as: “a great relief and success for the Bitcoin and cryptocurrency community in the European Union.”
BREAKING: The ECON committee of the EU Parliament has just voted against the de facto POW ban: 32 against, 24 for.
Great relief and political success for the bitcoin and crypto community in the EU💪💪
I’ll share a breakdown of the voting and what’s next here in this thread. #bitcoin
—Patrick Hansen (@paddi_hansen) March 14, 2022
This finding means that the European Parliament’s Markets Committee will no longer deal with the environmental impact of bitcoin mining, and instead these activities will be included in the EU’s sustainable finance classification from January 1, 2025.
But the story did not end. Those who lost the vote could trigger a debate in a plenary session of the European Parliament if they had the support of a tenth of MEPs. As Hansen warned:
“This would push the discussion of bitcoin mining into the realm of high-level politics, and since we can’t predict how this will happen, it should be avoided.”