EU considers passing law on digital currency

Specifically, the draft of the act, called Mica, requires the properties digital currency issued or traded in the European Union (EU) will be subject to minimum environmental sustainability standards and establish and maintain a phased implementation plan to ensure compliance those requirements.

The standards are designed to control or even ban the use of cryptocurrencies like Bitcoin and Ethereum, analysts say.

As noted by Bloombeg, industry leaders have begun to worry about Bitcoin being banned in Europe.

Earlier, US President Joe Biden on March 9 signed an executive order requiring government agencies to review the risks and benefits of virtual currencies. This is a long-awaited decree amid growing concerns about the legality of virtual currencies around the world. This decree is considered by analysts to be beneficial for virtual currencies.

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