What does the MiCa EU Crypto ban mean?
Ban of Proof-of-Work
On Monday the EU will vote on the bill known as MiCa. The original Bill has been changed recently to include a ban on Proof-of-Work consensus blockchains. This would theoretically outlaw cryptocurrencies such as Bitcoin, Ethereum and EGEM.
Satoshi Nakamoto, the anonymous godfather of crypto and creator of bitcoin explained that bitcoin was created in response to the 2008 financial crash caused by irresponsible actions of multiple financial institutions
EU legislators are aware that cryptocurrencies are an alternate means of finance technology designed to increase control for users and lessen the control of these financial institutions and so are seeking to negate this via the MiCa bill.
The end of self custody
The bill would also prevent self-custody wallets for users, requiring you to keep your crypto on centralized platforms, such as exchanges or banks. Most crypto users are aware of the key mantra of cryptocurrencies “Not your keys, not your coins” and this legislation would require crypto users to give up ownership of their coins to financial institutions under the guise of anti-money laundering.
In their vigour to control this new financial technology, legislators are keen to have you forget that the established financial institutions that they would have you entrust with your coins have been intentionally guilty of the exact crime that they are attempting to stamp out https://www.fca.org.uk/news/press-releases/fca-fines-hsbc-bank-plc-deficient-transaction-monitoring-controls
What this means for Bitcoin, Ethereum and EGEM
While we cannot speak to Bitcoin or Ethereum, EGEM will remain a proof-of-work coin for the foreseeable future and will additionally defend the rights of self-custody wallets as a means of users controlling their own money and the financial freedom that entails.
We diligently remind users that they can use EGEM with Metamask and purchase EGEM on the following decentralized exchanges: