Did Europe Approve Cryptos? Here’s what just Happened

Did Europe Approve Cryptos finally? Cryptocurrency enthusiasts in Europe and across the world just received positive news. An attempt to ban cryptocurrency mining was just was avoided. The EU parliament voted against any proof-of-work consensus banning. This not only brings optimism to crypto markets, but also facilitates the path to upcoming crypto projects in Europe. Let’s discuss more what specifically happened and which crypto regulations might still apply.

Europe Approve Crypto – What happened?

On his own Twitter account, Patrick Hansen tweeted about an important event that had just taken place. The European Parliament Committee on Economic and Monetary Affairs is a legislative committee in Europe, also known as ECON committee. Voting took place about whether they should ban the proof-of-work mechanism. POW is a mechanism that is still used by most cryptocurrencies such as Bitcoin and Ethereum. Many people who oppose blockchain tech view this consensus to be “bad” for the environment, and unsustainable.

On the other hand, the voting took place and the results were in: 31 against banning, 23 were in favor of banning. Big WIN for cryptos!