Home News Hungarian central bank chief wants EU-wide crypto trading and mining ban

Hungarian central bank chief wants EU-wide crypto trading and mining ban

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The Governor of the Hungarian National Bank, György Matolcsy, has advocated a blanket ban on cryptocurrency trade and mining across the European Union.

In fact, in a blog post headlined “Time has come to ban crypto trading and mining in the EU,” Governor Matolcsy noted China’s recent crypto ban in a blog post released by the Hungarian central bank, a.k.a. Magyar Nemzeti Bank (MNB).

He also mentioned the Russian central bank’s plan. Which calls for a complete ban on cryptocurrency trade and mining within the country. Matolcsy responded to the calls for a crypto ban by saying:

“I wholeheartedly accept the notion. As well as the suggestion made by a senior EU financial regulator. That the EU prohibit the mining method used to generate the vast majority of new bitcoin.”

Furthermore, The governor convinced that cryptocurrency has the ability to “serve illicit operations and tend to build up financial pyramids”. Matolcsy also mentioned the Russian central bank’s fears that the market value of cryptocurrency is decided by “speculative demand for future growth, which produces bubbles.”

Additionally, Governor Matolcsy concludes by calling for an outright ban on cryptocurrencies to protect investors from financial pyramids and bubbles:

“EU people and businesses would be able to own cryptocurrencies in other countries. And regulators would keep track of their holdings.”

Bronze statue of famed Bitcoin (BTC) developer Satoshi Nakamoto

Graphisoft Park in Budapest, Hungary, presented a bronze statue of famed Bitcoin (BTC) developer Satoshi Nakamoto on September 20, 2021.

Besides, the sculpture depicts the upper half of a humanoid. With a featureless face wearing a sweatshirt with the BTC emblem, according to reports at the time. Among the several crypto entrepreneurs who spoke during the occasion was Debreczeni Barnabás, the CEO of the Hungarian crypto exchange Shinrai:

“Satoshi Nakamoto developed an autonomous currency that gave people financial autonomy […] This statue was created to remind us that bravery is a virtue. We must continue to have huge dreams.”

Satoshi Nakamoto’s Bitcoin white paper is now a 13-year-old teenager

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