The Hungarian Central Bank joined the growing number of central monetary entities that believed that bitcoin trading and mining should be banned. Like most bashers, the organization’s governor claimed that cryptocurrencies could facilitate illegal activities.

In a press conference on Feb. 11, György Matolcsy, the current governor of the Hungarian central bank, urged the country to implement a flagrant ban on cryptocurrencies. He made a rather familiar argument like many other critics, saying that they are used for “illegal activities and tend to build financial pyramids.” As such, the EU and Hungary should go the way of China. Interestingly, he also mentioned a recent proposal from the central bank of Russia that also wanted to ban the use of digital assets. However, he did not mention that the Russian authorities have made another decision and will regulate cryptocurrencies instead of banning them.

“The EU should act together to prevent the construction of new financial pyramids and financial bubbles. EU citizens and companies would be allowed to hold cryptocurrencies abroad, and regulators will track their holdings” – reads the statement.

Featured image courtesy of Budapest Beacon

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