Why The Proposed EU Bitcoin Ban Would Have Been A Mistake Today

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In February 2022 the Markets in Crypto Assets (MiCA) legislation proposed a ban of proof-of-work (PoW) currencies within the European Union which would include bitcoin. During the process of me writing this letter the proposal has been scrapped indefinitely due to a strong backlash. I do however believe that this is not the last time a potential ban will be discussed, so I decided to finish the letter anyway.

First things first: I’m not a supporter of the German parties that put forward the suggestion of banning PoW currencies (Social Democratic Party, Greens, Left). But neither am I a supporter of any other party. I try to stay as far away from politics as I possibly can. However with the knowledge I obtained through the many hundreds of hours of researching Bitcoin I feel it’s unethical to stay silent in regards to this proposal. I guess sometimes you have a moral obligation to get involved.