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

Crypto Market is Striking Down With Record-Breaking Liquidations-Here’s What’s Next for Bitcoin & Altcoins 

The post Crypto Market is Striking Down With Record-Breaking Liquidations-Here’s What’s Next for Bitcoin & Altcoins  appeared first on Coinpedia Fintech News Another flush within the crypto

Bitcoin HODLing Rewards: Long-Term Holders Selling At 326% Profit

On-chain data shows that long-term Bitcoin holders have been selling recently as their profits have ballooned to notable levels after the price surge Bitcoin Long-Term Holders Have Been In Huge

Expert Suggests Ripple And XRP Could Be America’s ‘Secret Weapon’

Ripple’s XRP is one of the most-talked-about tokens right now, thanks primarily to its erratic price action, a possibly favorable Securities and Exchange Commission (SEC), and potential benefit to

Canadian Pizza Giant Pokes Fun at Justin Sun’s ‘Banana Art’

The Tron Founder purchased and ate a $62 million banana at an art auction in New York City last month Boston Pizza Releases ‘Affordable’ Pizza Version of Justin Sun’s $62M Banana Tron Founder

Why Is Crypto Market Down Today? Bitcoin Liquidations Hit $1.5 Billion

The post Why Is Crypto Market Down Today Bitcoin Liquidations Hit $15 Billion appeared first on Coinpedia Fintech News The cryptocurrency industry registered heightened volatility in the past 24

Crypto Market Crash: XRP, ADA, and DOGE Down Double Digits; Is This the Final Dip?

The post Crypto Market Crash: XRP, ADA, and DOGE Down Double Digits; Is This the Final Dip appeared first on Coinpedia Fintech News The crypto market is experiencing a dip, but for many experts,