Sigh of relief: ECON committee of the EU votes against the PoW ban

Key takeaways

  • MEPs voted against the Markets in Crypto Assets [MiCA] law, which allows for the mining of Bitcoin and Ether. 
  • A majority of MEPs from the “EPP, ECR, Renew & ID voted against it, while a minority from Greens, S&D, and GUE voted mostly in favor”.

Parliamentarians in the European Union have voted against the Markets in Crypto Assets [MiCA] law, which allows for the mining of Bitcoin and Ethereum.

A majority of MEPs from the “EPP, ECR, Renew & ID voted against it, while a minority of MEPs from Greens, S&D, and GUE voted mostly in favor,” according to Patrick Hansen, who has been following up on today’s parliamentary session.

MEPs voted in favor of an alternative amendment proposed by Stefan Berger, a German economist and politician with the Christian Democratic Union (CDU), which may be found here. Hansen elaborated,

What’s going on in the European Union?

Elon Musk challenged Russian President Vladimir Putin to a one-on-one fight over Ukraine as the rest of the world was reeling from Russia’s invasion of Ukraine. The rise in gas prices was one of the war’s effects, and it was also one of the most visible. It was nothing short of a real-life apocalypse, with industrialization at its zenith, the demand for oil and gas at an all-time high, and Russia as one of the leading suppliers.

Russian oil and gas imports have already been restricted by the United States, the United Kingdom, and the European Union, forcing oil and gas prices to surge. Surprisingly, Europe receives more than half of the five million barrels of crude oil it exports each day.

This emphasized Europe’s strong reliance on Russia for energy supplies. According to sources, the European Commission is working on a strategy to “make Europe independent from Russian fossil fuels well before 2030.”

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Shambhavi Soni