György Matolci, the governor of the Hungarian National Bank, has proposed a general ban on all cryptocurrency trading and mining in the European Union.
Governor Matulci cited China’s recent ban on cryptocurrencies in a blog post published by the Hungarian Central Bank, also known as Magyar Nemzeti Bank (MNB), titled “Time to Ban Cryptocurrency Trading and Mining in the European Union.”
He also referred to the Russian Central Bank’s proposal calling for a blanket ban on local cryptocurrency trading and mining. Matulci opposed the proposals to ban cryptocurrency, saying:
“I fully agree with the proposal and also support the view of the EU’s chief financial regulator that the EU should ban the mining method used to produce most new bitcoins.”
The governor strongly believes in the potential of cryptocurrencies to “serve illegal activities and create economic pyramids.” Matulci also highlighted concerns raised by the Russian Central Bank that cryptocurrency market capitalization is being driven by “speculative demand for future growth that creates bubbles.”
Finally, Governor Matulsi called for a total ban on cryptocurrencies to counter the investor risks associated with pyramid schemes and bubbles:
“EU citizens and companies will be allowed to own cryptocurrency abroad, and their assets will be monitored by regulators.”
See also: Statue of Satoshi Nakamoto erected in Budapest
In September 2021, a bronze statue of legendary Bitcoin (BTC) creator Satoshi Nakamoto was unveiled at Graphisoft Park in Budapest, Hungary.
As reported by Cointelegraph, the statuette depicts the upper half of the figure with a blank face wearing a sweatshirt with the BTC logo. Debrecen Barnabas, CEO of Hungarian crypto exchange Shinrai, was among several crypto entrepreneurs who spoke during the event:
“Satoshi Nakamoto created an independent financial company, devoid of any middlemen, which gave people economic sovereignty […] We have erected this statue to remind ourselves that courage is a virtue. We have to keep our dreams big.”