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Hungarian National Bank Governor Proposes Ban On All Crypto Trading Across EU



György Matolcsy, the Governor of the Hungarian National Bank, has proposed a blanket ban on all cryptocurrency trading and mining operations across the European Union.


It has been reported that Governor Matolcsy cited the recent crypto ban imposed by China in a blog post shared by the Hungarian central bank a.k.a. Magyar Nemzeti Bank (MNB) titled “Time has come to ban crypto trading and mining in the EU.”


However, he also pointed out the Russian central bank’s proposal that calls for a blanket ban on domestic cryptocurrency trading and mining.


Matolcsy said:

“I perfectly agree with the proposal and also support the senior EU financial regulator’s point that the EU should ban the mining method used to produce most new bitcoin.”

The report said that the governor strongly believes in cryptocurrency’s potential to “service illegal activities and tend to build up financial pyramids.” Matolcsy also highlighted concerns raised by the Russian central bank, which the market value in crypto is determined by the “speculative demand for future growth, which creates bubbles.”


Likewise, on an end note, governor Matolcsy calls for an outright blanket ban on cryptocurrencies to counter the investor’s risks related to financial pyramids and bubbles.


He added:

“EU citizens and companies would be allowed to own cryptocurrencies abroad and regulators will track their holdings.”

Moreover, in September 2021, a bronze statue of legendary Bitcoin (BTC) creator Satoshi Nakamoto was unveiled in Graphisoft Park in Budapest, Hungary. As reported, the sculpture shows the upper half of a figure with a featureless face wearing a hoodie with the BTC logo.

Debreczeni Barnabás, the CEO of Hungarian crypto exchange Shinrai, was among the numerous crypto entrepreneurs who spoke at the ceremony.


Thus, he said:

“Satoshi Nakamoto has created an independent money free of any middlemen that empowered people with financial sovereignty [...] We have erected this statue to remind ourselves courage is virtue. We need to keep on dreaming big.”

Source: Cointelegraph


 

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