Project MiCA – EU Continues To Show Its Incompetence With a Disastrous Agreement on Cryptocurrency.
A temporary agreement that most European politicians dream of making permanent.
The main specificity of the European cryptocurrency bill (MiCA for Markets in Crypto-Assets) is to always dig deeper into the grave of this sector. With proposals all more repressive than the others. And in particular an attempt to ban the Proof-of-Work (PoW) of Bitcoin outright. But this may not be the worst idea of its initiators.
Because at the beginning of this summer period, a new provisional agreement has just been proposed for approval by the Council and the European Parliament in the fall of 2022. On the menu of this scheduled indigestion: hindrance to the market of Stablecoins, consumer protection by monitoring them more closely, and closing the borders ...
It is finally the weariness that ends up replacing the anger at the aberrant legal management of cryptocurrencies on European territory. The proposals submitted are all more repressive and iniquitous as they appear as possible options. And in fact, only one real trend emerges: prevent stupidly.
The best possible summary is a new statement by the French Minister of Economy, Bruno Le Maire, who is always quick to spew his nonsense about the sector. Because according to him, all this “will put an end to the crypto wild west”.
But obviously, he seems to confuse once again innovation and blind repression. This without leaving the “room for failure” yet recognized as necessary in the field by some members of the Securities and Exchange Commission of the United States, reputedly not very fond of cryptocurrencies. For while the decision-makers of this charade are congratulating each other on an agreement finally reached, the actors of this digital economy are trying to consider the actual implementation of their arbitrary decisions. And, how to say ... it's simply nonsense!
Keep reading with a 7-day free trial
Subscribe to In Bitcoin We Trust Newsletter to keep reading this post and get 7 days of free access to the full post archives.