Hungary’s Central Bank Calls For Ban on Bitcoin Mining and Trading

FEB 12, 2022

The latest in a growing number of central monetary entities which seek to ban cryptocurrencies is the Central Bank of Hungary.

MNB’s Governor, György Matolcsy, has urged the country and the EU to ban bitcoin mining and trading. The Governor contended that cryptocurrencies could serve as a conduit for illicit activities.

The Governor repeated the oft-repeated argument that cryptocurrencies led to illegal activities and tended to build up financial pyramids.

The Governor cited the example of China, which has put a complete ban on anything related to cryptocurrencies.

Matolcsy proposed that EU citizens and companies would be allowed to own cryptocurrencies outside the EU, and regulators would track their holdings.

Swedish authorities have also called for a ban on crypto mining in the EU over environmental concerns.