Hungary’s central bank chief wants EU-wide crypto trading and mining ban

Share This Post

Governor György Matolcsy reciprocated the need for a crypto ban, currently imposed by China and proposed by Russia’s central bank.

György Matolcsy, Governor of the Hungarian National Bank, has proposed a blanket ban on all cryptocurrency trading and mining operations across the European Union. 

Governor Matolcsy cited the recent crypto ban imposed by China in a blog post shared by the Hungarian central bank a.k.a. Magyar Nemzeti Bank (MNB) titled “Time has come to ban crypto trading and mining in the EU.”

He also pointed out the Russian central bank’s proposal that calls for a blanket ban on domestic cryptocurrency trading and mining. Reciprocating the proposals for a crypto ban, Matolcsy said:

“I perfectly agree with the proposal and also support the senior EU financial regulator’s point that the EU should ban the mining method used to produce most new bitcoin.”

The governor strongly believes in cryptocurrency’s potential to “service illegal activities and tend to build up financial pyramids.” Matolcsy also highlighted concerns raised by the Russian central bank — that the market value in crypto is determined by the “speculative demand for future growth, which creates bubbles.”

On an end note, governor Matolcsy calls for an outright blanket ban on cryptocurrencies to counter the investor’s risks related to financial pyramids and bubbles:

“EU citizens and companies would be allowed to own cryptocurrencies abroad and regulators will track their holdings.”

Related: Satoshi Nakamoto statue goes up in Budapest

On Sept 2021, a bronze statue of legendary Bitcoin (BTC) creator Satoshi Nakamoto was unveiled in Graphisoft Park in Budapest, Hungary.

As Cointelegraph reported at the time, the sculpture shows the upper half of a figure with a featureless face wearing a hoodie with the BTC logo. Debreczeni Barnabás, the CEO of Hungarian crypto exchange Shinrai was among the numerous crypto entrepreneurs who spoke at the ceremony:

“Satoshi Nakamoto has created an independent money free of any middlemen that empowered people with financial sovereignty […] We have erected this statue to remind ourselves courage is virtue. We need to keep on dreaming big.”

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Iran Adopts Crypto Regulation Strategy to Boost Economy

The post Iran Adopts Crypto Regulation Strategy to Boost Economy appeared first on Coinpedia Fintech News Iran is changing its approach to cryptocurrencies, focusing on regulation instead of bans,

SushiSwap Unveils Bold 2025 Plans with Cutting-Edge DeFi Products

The post SushiSwap Unveils Bold 2025 Plans with Cutting-Edge DeFi Products appeared first on Coinpedia Fintech News SushiSwap CEO Jared Grey unveiled ambitious plans for 2025, aiming to diversify the

El Salvador’s Bitcoin Gains Hit $333M as BTC Crosses $100K

The post El Salvador’s Bitcoin Gains Hit $333M as BTC Crosses $100K appeared first on Coinpedia Fintech News El Salvador’s Bitcoin investments have hit an impressive $333 million in unrealized

Robert Kiyosaki on $100K Bitcoin: His Strategy, Forecasts, and Economic Warnings

Rich Dad Poor Dad author Robert Kiyosaki calls bitcoin’s $100K milestone a game-changer, warning it could become inaccessible for many while predicting its rise to $1 million Robert Kiyosaki

XRP Lawsuit News: Former SEC Lawyer Reveals if Atkins Will Drop The Ripple Case

The post XRP Lawsuit News: Former SEC Lawyer Reveals if Atkins Will Drop The Ripple Case appeared first on Coinpedia Fintech News President-elect Donald Trump has selected Paul Atkins, former

Ethereum Price Struggles Beyond $4K: Will the Bulls Return?

Ethereum price corrected gains from the $4,080 resistance zone ETH is now trading below $4,000 and showing some bearish signs Ethereum started a downside correction from the $4,093 high The price is