Matolcsy backs ban on crypto trading, mining in EU
Image by Shutterstock.com
National Bank of Hungary (MNB) governor György Matolcsy took a stand for banning cryptocurrency trading and mining in the European Union in a piece posted on the central bank's website on Friday, according to a report by state news wire MTI.
Commenting on a piece in the Financial Times on a proposal by Russia's central bank to ban crypto trading and mining, Matolcsy said "I perfectly agree with the proposal".
Matolcsy also said he backs the senior EU financial regulator's point that the EU should ban the mining method used to produce most new bitcoin.
"It is clear-cut that cryptocurrencies could service illegal activities and tend to build up financial pyramids," Matolcsy said.
"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," he added.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.