Biden signs Executive Order about crypto, no PoW-ban in EU and 106 miners forced to stop in Kazakhstan

2 min readMar 16, 2022
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Joe Bides signs Executive Order about crypto

U.S. President Joe Biden signed an executive order on Wednesday calling on the government to examine the risks and benefits of cryptocurrencies.

“A presidential executive order on cryptocurrencies would ‘support responsible innovation’ as it coordinates U.S. policy across agencies.”

U.S. Treasury Secretary Janet Yellen’s inadvertently published remarks on this statement:

“President Biden’s historic executive order calls for a coordinated and comprehensive approach to digital asset policy. This approach will support responsible innovation that could result in substantial benefits for the nation, consumers, and businesses.”

The order was officially signed last Wednesday. It calls on federal agencies to take a unified approach to regulation and oversight of digital assets, according to a White House fact sheet.

European Parliament votes against banning Proof-of-Work

The EU parliament voted to veto a suggested ban on Proof-of-Work cryptocurrencies, a decision that would have obstructed EU member states from mining Bitcoin and similar cryptocurrencies.

On Monday 14th, the parliament’s Economic and Monetary Affairs Committee voted on the proposed ‘Markets in Crypto Assets (MiCA)‘ framework, the EU’s current legislation for conducting digital assets.

Although this comes as great news for the cryptocurrency world, members of the parliament established new rules that aim to protect consumers and make mining more sustainable by reducing crypto’s carbon footprint.

30 of the committee’s members voted against the approval of the draft’s provision to ban Proof of Work networks, while 23 were in favor.

Stefan Berger is the chairman and rapporteur of this MiCA-procedure.

Kazakhstan crackdown forces 106 Bitcoin miners to stop

The government of Kazakhstan has sanctioned 106 crypto mining farms for engaging in illicit crypto mining activities. Some ex-officials and Kazakhstan’s wealthiest businesses were found to be involved, according to the administration.

According to the government’s announcement, 67,000 mining rigs, valued around 100 billion tenges (approximately $193 million) were also seized.

According to the statement, 55 miners closed shop voluntarily and 51 were forced to close after investigations by the country’s financial monitoring agency and other official organizations. According to the statement, the 51 are suspected of tax and customs cheating as well as deploying equipment in special economic zones without authorization.

Source: Bitcoinist

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