Hungarian National Bank Considers Virtual Currency Like Bitcoin Risky
Israel wasn't the only one warning of bitcoin perils on Wednesday. Joining them is The Central Bank of Hungary, which released a statement warning citizens of the risks of getting involved with digital currency like bitcoin. The national bank warned that virtual currency is susceptible to theft and loss (which many in the community would disagree with that sentiment), and lack of regulatory oversight. That means that digital currencies are quite obviously not legal tender, nor are they backed. The bank also warned that digital currency tends to be extremely volatile, as has been the case....
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The National Bank of Hungary issued a warning to its citizens about the potential dangers of virtual currencies on 19th February, calling the payment method "much riskier" than other electronic payment options such as credit cards. The central bank cited bitcoin specifically in its statements, which it said were meant to ensure current and future users had the proper knowledge before investing. Said the official release: "The Bank warns consumers to be extremely cautious." The National Bank of Hungary did acknowledge the benefits of virtual currencies, nodding to their anonymity, speed and....
The governor of Hungary’s central bank has called for a ban on cryptocurrency trading and mining in the European Union. “It is clear-cut that cryptocurrencies could service illegal activities and tend to build up financial pyramids,” he said. Hungarian Central Bank Chief Wants EU-Wide Crypto Trading and Mining Ban The Hungarian National Bank, the central bank of Hungary, published a statement Friday from György Matolcsy, the governor of the central bank, declaring that the “Time has come to ban crypto trading and mining in the EU.” He noted that....
The new Hungarian criminal process law will make it possible to confiscate Bitcoins and other virtual currencies from suspects even in the early stages of the criminal process. Experts say the new rule proposal, which was made available for reading in February is in accordance with the international AML (anti-money laundering) regulations, even in the field of cryptocurrencies. Mass surveillance. According to experts, the passing of the bill will fundamentally change the face of the criminal process and will make mass surveillance legal in Hungary. The authorities will be able to use....
The National Bank of the Kyrgyz Republic, the central bank of Kyrgyzstan, has issued new statements confirming the use of bitcoin and other digital currencies as a form of payment is currently illegal under national law. Issued this July, the notice states that the only legal tender in Kyrgyzstan is the national currency, the som (KGS), and that as such, any use of bitcoin for payment violates this policy. At press time, 1 KGS was worth $0.019. The document reads: "Under the legislation of the Kyrgyz Republic, the sole legal tender on the territory of our country is the national currency....
According to a report, the Bank of Tokyo-Mitsubishi UFJ Ltd., Japan’s largest bank will soon become the world’s first global bank to issue its own digital currency. A new bank-issued virtual currency may be in the offing next year. Dubbed “MUFG coin”, short for the Mitsubishi UFJ Financial Group — the parent company of the Bank of Tokyo-Mitsubishi – the bank, will issue the virtual currency in the autumn of 2017, according to a report on The Asahi Shimbun, a prominent national newspaper in Japan. The publication cites sources who reveal that the virtual currency will help facilitate....