The EU has moved forward with the plan to limit the use of proof-of-work cryptocurrencies after scrapping the initial anti-Bitcoin provision
Patrick Hansen, head of growth and strategy at DeFi startup Unstoppable Finance, writes that the wording of the latest proof-of-work ban has been watered down, but its effect remains “essentially the same.” The last-minute fix has once again sparked an outcry. David Marcus, Meta’s former blockchain lead, described the potential Bitcoin ban as “a protectionist move,” arguing that it could prevent European businesses from maintaining relevance on the global stage.
Meltem Demirors, chief strategy officer of CoinShares, said that it was “a political attack” on financial freedom, forecasting that EU regulators won’t stop at banning Bitcoin and other proof-of-work cryptocurrencies. Ledger CEO Pascal Gaulthier urged the company’s executives to contact members of the European Parliament in order to reverse the decision.
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