Hungary's central bank chief wants EU-wide crypto trading and mining ban
Governor György Matolcsy reciprocated the need for a crypto ban, currently imposed by China and proposed by Russia's central bank. György Matolcsy, Governor of the Hungarian National Bank, has proposed a blanket ban on all cryptocurrency trading and mining operations across the European Union. Governor Matolcsy cited the recent crypto ban imposed by China in a blog post shared by the Hungarian central bank a.k.a. Magyar Nemzeti Bank (MNB) titled “Time has come to ban crypto trading and mining in the EU.” He also pointed out the Russian central bank’s proposal that calls for a blanket ban....
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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....
Regulators’ constant negativity continues to dominate the crypto news media. Governments have begun to consider countermeasures to crypto trading, with crypto mining becoming a hot topic as well. György Matolcsy, the governor of Hungary’s Central Bank, has come out in support of the cryptocurrency trading and mining ban. Matolcsy stated his support for the Bank […]
Lawmakers are reportedly planning to cut taxes on Bitcoin gains in half, possibly as early as 2022. Cryptocurrency investors in Hungary could be getting a major tax break very soon, as lawmakers seek to make the central European country more competitive in the wake of the Covid-19 pandemic.In a video that appeared on Facebook Tuesday, Finance minister Mihály Varga outlined his government’s stimulus program through 2022. As part of the post-Covid-19 relief efforts, lawmakers are considering reducing taxes on cryptocurrency trading to 15% of income, down from the current rate of 30.5%. Such....
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....
True to its hardline stance on decentralized digital money, the Central Bank of Russia is now pushing for a wide-ranging ban on crypto-related activities such as issuance, exchange, and mining. A consultation paper published by the regulator cites threats to financial stability and citizens’ wellbeing among the main reasons for the proposed restrictions.
Russia’s Central Bank Seeks Public Opinion on Restrictive Crypto Policy
The monetary authority of Russia is advocating a ban on an array of crypto activities in a report titled “Cryptocurrencies: Trends,....