Key Takeaways:
- EU digital policy makers, and Swedish financial regulators attempted to ban Bitcoin in EU.
- Policy to ban Bitcoin is still being developed and could be pursued later.
- More laws targeting unregulated crypto exchanges in Europe are in the discussion phase.
LAGOS (CoinChapter.com) — After successfully preventing European Union (EU) lawmakers from passing a law targeting Bitcoin Proof-of-Work in Europe, new evidence has emerged suggesting that the top asset is not out of the woods yet.
In detail, documents published by Netzpolitik, a German website revealed that EU lawmakers debated on placing a ban on Bitcoin. Notably, Proof-of-Work of the leading crypto assets was targeted by lawmakers because of its impact on the environment.
Additionally, documents obtained under the EU’s freedom-of-information laws revealed that the meeting took place in November. It had in attendance EU digital policymakers and Swedish financial and environmental regulators.
The bitcoin mining model has been an environmental source of concern for regulators. Bitcoin energy consumption has fueled many debates calling for the ban of the top time. Mainly, critics decry it as an energy hog while proponents hail it for being less intensive than the current global economy.
In addition to attempting to ban Bitcoin Proof-of-Work, the lawmakers also proposed a total ban on crypto trading. The document revealed that the policy is still being developed and could be pursued later.
A separate document recently suggested that meetings to ban Bitcoin in the EU were still ongoing and German environment ministry officials have been included.
Mixed Reactions Trailed EU lawmaker’s Attempt To Ban Bitcoin(BTC) Trading
Meanwhile, the released document indicated that not all the EU lawmakers supported the call to ban Bitcoin(BTC) trading.
While several aspects of the document were redacted for privacy, apart showed that an attendee canvassed support for the top asset. The unknown individual said that bitcoin should be encouraged and not entirely banned.
Similarly, another lawmaker positioned that Bitcoin be moved from proof-of-work toward a more environmentally friendly alternative such as proof-of-stake. He said:
“If Ethereum is able to shift, we could legitimately request the same from BTC. We need to ‘protect’ other crypto coins that are sustainable. Don’t see [the] need to ‘protect’ the Bitcoin community.”
In a more desperate attempt, another EU lawmaker who supported the total ban of all assets based on Bitcoin’s Proof-of-Work algorithm questioned the real importance of Bitcoin.
The attended argued that with the total disappearance of Bitcoin, the impact on EU citizens will be insignificant. This statement will however show the lack of understanding from the lawmaker.
Bitcoin currently plays a global role in providing financial freedom and safeguarding the oppressed economically. In fact, digital currently plays a major role in providing Ukraine with funds and weapons to oppose Russia’s aggression.
EU Ban Private Crypto Transactions
Additionally, it is worth noting that the EU lawmakers do not like Bitcoin and are looking for ways to eradicate it.
The clampdown on digital assets heightened this week after EU lawmakers voted in favor of outlawing anonymous crypto transactions. Notable, this move will stifle innovation in the blockchain industry and also promote an invasion of privacies.
Over 90 EU lawmakers reportedly voted in favor of the proposal. Additionally, reports have indicated that more measures targeting unregulated crypto exchanges in Europe are in the discussion phase.
