EU Parliament backs off plans to phase out energy-hungry cryptocurrencies

Power cords for bitcoin mining machines are plugged into electrical outlets at a mining facility operated by Bitmain Technologies Ltd. in Ordos, Inner Mongolia, China, on Friday, Aug. 11, 2017.  | Qilai Shen/Bloomberg via Getty Images A de facto ban on Bitcoin and Ether died in the European Union Parliament today. The controversial proposal attempted to clean up pollution from the most energy-inefficient cryptocurrencies. But even though the proposal failed, cryptocurrencies are still likely to face scrutiny from policymakers as the EU tries to tackle twin climate and energy crises. Getting rid of their pollution has become a global game of whack-a-mole since China banned cryptocurrencies last year. The EU Parliament’s committee on economic and monetary affairs voted on Monday to move forward with a legislative framework for regulating digital assets. In the process, it decided to drop a proposed rule in the framework that would have prohibited people in the EU from... Continue reading…

EU Parliament backs off plans to phase out energy-hungry cryptocurrencies
Inside Bitmain Technologies Ltd.’s Bitcoin Mine
Power cords for bitcoin mining machines are plugged into electrical outlets at a mining facility operated by Bitmain Technologies Ltd. in Ordos, Inner Mongolia, China, on Friday, Aug. 11, 2017.  | Qilai Shen/Bloomberg via Getty Images

A de facto ban on Bitcoin and Ether died in the European Union Parliament today. The controversial proposal attempted to clean up pollution from the most energy-inefficient cryptocurrencies. But even though the proposal failed, cryptocurrencies are still likely to face scrutiny from policymakers as the EU tries to tackle twin climate and energy crises. Getting rid of their pollution has become a global game of whack-a-mole since China banned cryptocurrencies last year.

The EU Parliament’s committee on economic and monetary affairs voted on Monday to move forward with a legislative framework for regulating digital assets. In the process, it decided to drop a proposed rule in the framework that would have prohibited people in the EU from...

Continue reading…