The European Parliament has put off the vote on the Markets in Crypto Assets (MiCA) draft, which discusses the environmental impact of Bitcoin and other cryptos which use the Proof of Work mining algorithm.
Related: European CB will strengthen control over crypto payments
Parliament member Stefan Berger announced that the vote scheduled for Feb. 28 was delayed, as there is required more time to clarify provisions. Burger, who is the rapporteur, wrote on Twitter that it is crucial for him that the MICA report is not misconceived as a BTC ban. He added that he will attempt one again to reach a compromise that provides crypto assets with a legal ground not challenging the Proof of Work.
Die Abstimmung des EU-Parlaments zu #MiCA wird auf meine Forderung hin abgesetzt und nicht am 28. Februar stattfinden. Als Berichterstatter ist es für mich zentral, dass der MiCA-Bericht nicht als de-facto #Bitcoin-Verbot missinterpretiert wird @btcecho 1/4
— Stefan Berger (@DrStefanBerger) February 25, 2022
Meanwhile, the European Central bank urges the parliament to act quickly. During the Meeting of Ministers for the Economy and Finance, representatives discussed possible steps that can be taken in the current Russian-Ukrainian war. European Central Bank President Christine Lagard said that crypto can serve as a means to escape sanctions for Russia.
She said MICA should be pushed through as quickly as possible. On February 25, the EU agreed on new sanctions against Russia aimed to hit its financial, energy and transport sectors.