The Central Bank of Hungary has joined the growing number of central monetary entities believing that bitcoin trading and mining should be banned. Like most bashers, the organization’s governor claimed that cryptocurrencies could facilitate illegal activity.
- In a press conference on February 11, György Matolcsy, the current governor of Hungary’s central bank, urged the country to implement a blatant ban on cryptocurrencies.
- He made a fairly familiar argument like many other critics, saying they are used for “illegal activities and tend to build financial pyramids”.
- Thus, the EU and Hungary should follow China’s path. Interestingly, he also mentioned a recent proposal from Russia’s central bank that also wanted to ban the use of digital assets.
- However, he failed to mention that the Russian authorities have made another decision and they will regulate the crypto instead of banning it.
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“The EU should act together to prevent the formation of new financial pyramids and financial bubbles. EU citizens and businesses would be allowed to own cryptocurrencies overseas, and regulators would track their holdings. – read the statement.
Featured Image Courtesy of Budapest Beacon
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