Hungarian National Bank Governor György Matolci has proposed a blanket ban on all cryptocurrency trading and mining across the European Union.
Matolci cited China's recent cryptocurrency ban in a blog post shared by the Hungarian Central Bank, also known as Bank Magyar Nemziti, titled Time to Ban Cryptocurrency Trading and Mining in the Union. European.
He also referred to the Russian Central Bank's proposal for a blanket ban on local cryptocurrency trading and mining. Responding to the proposals to ban cryptocurrency, Matulcci said: I fully agree with the proposal and also support the EU regulator's view that the EU should ban the mining method used to produce most new bitcoins
Matulsky is a strong believer in the potential of cryptocurrencies to serve illegal activities and has a tendency to build financial pyramids, according to Cowen Telegraph.
The Governor of the National Bank of Hungary also highlighted the concerns raised by the Russian Central Bank - that the market value of cryptocurrencies is determined by speculative demand for future growth, which Creates bubbles.
In a closing note, Matulci calls for an outright blanket ban on crypto to counter investor risks of fraudulent schemes and financial bubbles: EU citizens and companies will be allowed to own cryptocurrencies overseas and regulators will track their holdings.
