This will be the first vote after the removal of the clause that attacked currencies based on PoW on the new version of the bill MiCA, which is expected to be the first legal framework adopted by the European Union to regulate the use of cryptocurrencies.
The bill called Markets in Crypto Assets, better known as MiCA, is scheduled for a vote by the responsible committee on 14 March, following a delay in the modification of a particularly important aspect for currencies whose operation is based on the consensus consensus is achieved when all participants of the network agree on the order and content of the blocks in the blockchain. algorithm a process or set of rules to be followed in problem-solving or calculation operations, usually by a computer.Proof-of-Work.
Committee ECON will vote on bill MiCA March 14th
This was announced by the head of the Committee ECON from European Parliament and lead rapporteur Stefan Berger, who said the committee will vote on the final version of the draft on Monday next week.
As previously mentioned, the general vote scheduled for February 28th for the bill MiCA was suspended due to the controversy generated by a certain segment included in the proposal, which would have made illegal the commercialization and use of cryptocurrencies whose operation was based onProof-of-Work poW is a type of consensus algorithm that rewards validators according to the amount of computational power they have expended. ( PoW ), as is the case with Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. , Ethereum a decentralized open-source blockchain with smart contracts functionality. and many others. The measure would affect both users and exchanges, custody custody is a financial institution's legal capacity to keep and preserve financial assets for its clients to avoid asset theft or loss. services and wallet a place where cryptocurrency users can store, send and receive digital assets. operators.
As such, the bill MiCA is an initiative about which there are quite a lot of expectations, as this would be the first regulatory framework that would propose provisions for the management of cryptocurrencies in European territory. Such a proposal originally dates back to September 2020, and required the European Central Bank “to establish uniform rules for cryptoasset a cryptoasset is any digital asset that uses cryptographic technologies to maintain its operation as a currency or decentralized application. service providers and issuers at the EU level”, which would serve as a legal framework for cryptocurrencies throughout the region.
It is worth noting that to date, neither the U.S. nor other nations have managed to create global standards to regulate the operation, use and marketing of cryptocurrencies, so if something like this is achieved, it could set an important precedent in legislative matters for the ecosystem.
Other debatable points
Although the segment that could be considered prohibitive for PoW-based cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. trading has been removed, for several critics and analysts there are still some aspects that can be debated, such as measures to address a place where cryptocurrency can be sent to and from, in the form of a string of letters and numbers. stablecoins and other tokens that represent certain assets.
Regarding this type of assets, one of the most debatable provisions considered in the document is the following:
“To ensure proper oversight and monitoring of offerings to the public of tokens that reference assets, issuers of tokens must have a registered office in the European Union.”
This could be particularly detrimental to currencies such as DAI, stablecoin a cryptocurrency with extremely low volatility, sometimes used as a means of portfolio diversification. Examples include gold-backed cryptocurrency or fiat-pegged cryptocurrency. run by the decentralized decentralization refers to the property of a system in which nodes or actors work in concert in a distributed fashion to achieve a common goal. autonomous organization MakerDAO, which is not based at any physical address.
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Version by Angel Di Matteo / DiarioBitcoin
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