Hungarian Bitcoiners See Silver Lining in Central Bank Warning
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....
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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....
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....
The Central Bank of Egypt (CBE) has issued a fresh warning about cryptocurrency, noting that violators could face imprisonment. The Egyptian central bank’s law “prohibits issuing, trading, or promoting cryptocurrencies, creating or operating platforms for trading it, or carrying out related activities.”
Crypto Warning Issued by Egypt’s Central Bank
The Central Bank of Egypt (CBE) has renewed its warning about all types of cryptocurrencies, citing a number of risks, including high volatility, use in financial crimes, and e-piracy, Egypt....
The National Bank of Hungary (MNB) has issued a public statement warning citizens who use or invest in cryptocurrencies such as bitcoin, citing their unregulated nature amid increasing instances of high-return investment schemes abusing the cryptocurrency. Roughly translated, the warning read: The so-called cryptocurrency issuers typically operate via the web with extensive marketing tools and the promise of high yields, targeting uninformed users into the system (scheme). Published yesterday, the MNB warned users looking to invest in virtual currencies that they are outside the purview of....
Yet another international central bank is putting the spotlight on bitcoin by sounding the warning alarm to those who may be inclined to buy, invest in it, or use as, well, a currency. This time around it's Banca d'Italia, Italy's Central Bank. In a recently-released statement, the central bank cautioned that bitcoin (and presumably other digital currency) are not financially stable, are not legal tender, and offers no protection to those who use it and lose it. The Central Bank also noted that bitcoin has the potential to be used for illicit activities, which of course applies to cash,....