EU considers passing a virtual currency law, Bitcoin is at risk of being banned in Europe?

 According to a Bloomberg source, the Economic and Monetary Affairs Committee (ECON) of the European Parliament is scheduled to vote on a new law on virtual currencies today (March 14). 

“Virtual assets issued and/or traded in the European Union (EU) will be subject to minimum environmental sustainability standards, and establish and maintain a phase-by-step implementation plan. period to ensure compliance with those requirements,” according to the final draft of the law, known as MiCa, obtained by Bloomberg.

According to analysts, the minimum sustainability standards as well as implementation plan requirements could be last-minute changes introduced to control or even ban the use of active virtual currencies. based on “Proof of Work” consensus mechanisms like Bitcoin and Ethereum.

“Proof of Work” is one of the main consensus mechanisms for the governance of the Bitcoin blockchain. Bitcoin miners (miners) contribute computing power to the network – through performing large amounts of complex calculations – and are rewarded for this contribution in Bitcoins.

According to Stefan Berger of the European Parliament and also an expert on German virtual currencies, the previous draft of the law did not mention the concept of a "proof of work" protocol.

As noted by Bloombeg, cryptocurrency industry leaders have begun to worry about whether this new and tougher bill would include a ban on Bitcoin use.

“Ledger will always defend freedom and autonomy, especially on its platform. We urge all of you to reach out to the members of the European Parliament in your country and tell them that you oppose the ban on Bitcoin in Europe,” said Ledger CEO Pascal Gaulthier – a one of the largest cryptocurrency wallet providers in the world, said on his personal Twitter account on March 12.

“Since Bitcoin cannot and will not do a rollout without proof of work, this legislation will have a major impact on Bitcoin,” said Patrick Hansen, chief strategy officer at virtual wallet provider Unstoppable Finance said on Twitter.

Earlier, US President Joe Biden on March 9 signed an executive order requiring government agencies to review the risks and benefits of virtual currencies. This is a long-awaited decree amid growing concerns about the legality of virtual currencies around the world. This decree is considered by analysts to be beneficial for virtual currencies.

In Mr. Biden's decree, protecting customers is an important topic mentioned, after countless cases of investors being scammed by virtual currencies or losing large amounts of money due to cyber attacks on exchanges. virtual currency trading.

Biden asked the US Treasury Department to evaluate and make policy recommendations on virtual currencies, and wanted US lawmakers to "ensure adequate oversight and protection against financial risks that bring systematicity caused by digital assets”.

The ordinance also requires a focus on eliminating illegal practices in the virtual currency market. The US president called on federal agencies to "act in concert with an unprecedented focus" to reduce the financial and national security risks posed by virtual currencies. He also called for international cooperation in this regard.

Last month, the US government confiscated $3.6 billion worth of Bitcoins related to the 2016 Bitfinex attack on virtual currency exchange. America.

After Russia launched an armed attack on Ukraine, the United States was also concerned that virtual currency could be used to help Russian individuals and businesses evade sanctions imposed by Washington and Western countries.

Biden's executive order also wants federal agencies to study ways to reduce the negative impacts of virtual currencies on the environment.

Part of the executive order emphasizes the focus on increasing the competitiveness of the United States relative to other countries in the development of virtual currencies. This is especially important given that China has now completely banned cryptocurrencies. Mr. Biden assigned the US Department of Commerce to establish a framework to promote US competitiveness and leadership in digital asset technology.

In addition, the aforementioned decree also wants to consider the possibility of issuing a digital version of the dollar. This is mentioned in the context that China is currently leading the world in the issuance of central bank virtual currency (CBDC) with more and more people using smart mobile for payment and financial transactions. .

While not saying that the US should issue its own virtual currency, Biden asked the government to "urgently" research and develop CBDCs.

According to the Blockchain Association - an organization that represents many famous virtual currency companies, with this decree, Mr. Biden "is an opportunity to maintain his position of

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