The European parliament’s economic and monetary affairs committee has voted to remove a proposal against the proof-of-work mining in the Markets on Crypto Assets framework.
The MiCA draft will now proceed to a trilogy, a negotiation round between the European Commission, the council, and the parliament.
The draft, which attracted widespread opposition among cryptocurrency enthusiasts, wanted a phase-out plan to shift cryptocurrencies like Bitcoin and Ether into non-PoW models.
The provision was included in the regulatory package last week to block the high energy-consuming proof-of-work model in the 27 member countries.
The proposal suggested that all the cryptocurrencies should comply with the EU’s minimum environmental sustainability standard as per the consensus model.
The proof-of-work mining has been criticized by some regulators citing that renewable energy may be directed to the mining process instead of other uses.
Source: Coindesk
