Hungary Central Bank Governor Calls For BTC Mining Ban

The Hungary central bank governor Gyorgy Matolcsy urged the country to impose a ban on bitcoin mining and trading, seeking help from the EU as well so let’s find out more in our latest cryptocurrency news today.

The Central bank of Hungary joined the growing number of central monetary entities which think that BTC tradign and mining have to be banned. Similar to the bashers, the Hungary Central Bank Governor asserted that cryptocurrencies are able to facilitate illegal activities. Matolcsy who is the current Governor of the Hungarian central bank urged the country to impose a ban on crypto.

He made a familiar argument as many other critics say they are used for illegal activities and tend to build up the financial pyramids. The EU and Hungary should follow the China path and he also even mentioned a recent proposition from the central bank of Russia which wanted to ban the usage of digital assets but he failed to mention that the Russian authorities reached another decision and will regulate crypto instead of banning it:

“The EU should act together in order to preempt the building up of new financial pyramids and financial bubbles. EU citizens and companies would be allowed to own cryptocurrencies abroad, and regulators will track their holdings.”

Also, as we reported earlier in the week, The Ireland central bank released a report on “Security Markets Risk Outlook” where it outlines key areas of risks for regulated financial service providers. On the 23^rd page is a section of the new products where crypto assets got mentioned. Echoing the sentiment of other central banks, the report stated that cryptocurrencies are likely to be high risk and they are speculative assets. The bank also added that consumers have to be on alert to the high risks of buying or holding these instruments like the possibility of losing the investment because the majority is unregulated in the EU region.

The central bank didn’t rule out crypto products which only suggests that it could allow ETF products for institutional investors but it does want to keep it away from retail. Industry analyst Colin Wu pointed out that some of the major players in the industry like Binance already set up shops in Ireland.