European Parliament Rejects Ban on PoW-based Crypto Mining

European Parliament Rejects Ban on PoW-based Crypto Mining

The Members of the European Parliament for Economic and Monetary Affairs have not backed the adoption of a bill that would prohibit the conduct of PoW operations.

At yesterday’s meeting of the European Parliament, two bills on digital assets were proposed. One of them, according to available data, included the introduction of a ban on users from carrying out cryptocurrency transactions based on the proof-of-ork protocol. The author of the bill proposed to deprive users of the system that protects them from hacker attacks.

Proof-of-work is a tool that is very used and in demand among online trading platforms, exchanges, exchangers and even banking applications. The uniqueness of this protocol lies in the fact that it is able to instantly block any threat aimed, for example, at stealing user funds. So, if a trader wants to make a BTC transaction through a web resource using the proof-of-work protocol, he can be sure that the system will be able to secure his funds by automatically rejecting any DoS attack.

The draft law, called “MiCA,” a project that includes 126 articles, is a complete legal framework that features recommendations for the use of digital assets by all EU member states, as well as instructions and rules for conducting transactions involving stablecoins, altcoins and other cryptocurrencies.