As cryptocurrency becomes more widely accepted, calls for regulation are becoming louder. The Central Bank of Hungary is the latest in a growing list of central banks that want to outlaw cryptocurrency.
György Matolcsy, the Governor of the MNB, has asked the government and the EU to prohibit bitcoin mining and trade. Cryptocurrencies, according to the Governor, could be used as a conduit for illegal operations.
The Governor of Hungary has called for a crypto ban.
On February 11, the Governor spoke during a press conference. The Governor of the Hungarian Central Bank has called for a complete ban on all cryptocurrency transactions. The Governor reiterated the oft-repeated claim that cryptocurrencies encourage criminal activity and lead to the formation of financial pyramids.
So, The Hungary Governor used the example of China, which has outlawed any cryptocurrency-related activities. He also referenced a recent proposal by Russia’s central bank, which sought to outlaw the use of digital assets. However, he either overlooked or was unaware that the Russian government had decided to regulate rather than outlaw cryptocurrencies.
The Hungary Governor’s statement explains further as following,
The EU should work together to prevent new financial pyramids and bubbles from forming.
EU people and businesses would be able to own cryptocurrencies in other countries, with regulators keeping track of their holdings.
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