Hungary’s Central Bank Governor Wants EU-wide Crypto Trading and Mining Ban

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Key Takeaways:

  • Matolcsy seeks a complete ban on crypto, like China. 
  • The governor supports Russia’s proposal to ban crypto trading and its mining.
  • He is concerned about the illegal activities that digital currencies can fund. 

Hungary has joined the team of countries like Russia, China and Pakistan, planning to ban crypto in their countries primarily due to security reasons. Recently in a press release, Governor of the Hungarian National Bank, György Matolcsy, has said that he supports Russia’s proposal to impose a ban on crypto trading and mining. He also supports “the senior EU financial regulator’s point that the EU should ban the mining method used to produce most new bitcoin.”

The governor is expecting a blanket ban on cryptocurrencies and mining methods used to produce most of the new Bitcoin. Matolcsy thinks that crypto has the potential to serve “illegal activities” and can “build up financial pyramids” and supports that the Russian Central Bank’s saying, “the breakneck growth and market value of cryptocurrencies are defined primarily by speculative demand for future growth, which creates bubbles”.

The governor says that the European Union (EU) should unite to get a complete ban on crypto. However, he says that the citizens and organisations will have the right to own cryptocurrencies, but the regulators will constantly monitor their holdings. 

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Shreya Bhattacharya

A journalist & writer exploring new topics every day!

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