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Limiting Proof-of-Work Crypto Back on the Table as EU Parliament Prepares Virtual Currencies Vote

A provision looking to force proof-of-work cryptocurrencies like bitcoin to switch to the more environmentally friendly proof-of-stake consensus mechanism is in a draft of MiCA up for a parliamentary vote on Monday.

By Sandali Handagama

Updated May 11, 2023, 6:23 p.m. Published Mar 12, 2022, 4:35 p.m.

The EU parliament is set to vote on a crypto legislative package that may seek to limit the use of proof-of-work cryptocurrencies. (Laura Zulian/Getty Images)