The Central Bank of Hungary has joined a growing list of central banks that believe bitcoin trade and mining should be prohibited. The organization's Governor, like other critics, claimed that cryptocurrencies may be used to promote unlawful operations.
- György Matolcsy, the current Governor of the Hungarian Central Bank, called for a blanket ban on cryptocurrencies in a press conference on February 11th.
- He argued, as have many other critics, that they are used for "illegal operations and tend to build up financial pyramids."
- As a result, the EU and Hungary should take China's lead. He also referenced a recent proposal from Russia's central bank, which sought to limit the use of digital assets as well.
- However, he omitted to disclose that the Russian government has made a different choice, and crypto would be regulated rather than banned.
- "The EU should work together to prevent the formation of new financial pyramids and financial bubbles." EU people and businesses would be able to own cryptocurrencies in other countries, with regulators keeping track of their holdings." - the statement reads.
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