The Governor of the Hungarian National Bank, György Matolcsy, has advocated a European Union-wide ban on all cryptocurrency trading and mining operations.
Governor Matolcsy referenced China’s recent crypto prohibition in a blog post titled “Time has come to ban crypto trading and mining in the EU,” published by the Hungarian central bank, a.k.a. Magyar Nemzeti Bank (MNB).
He also mentioned the Russian central bank’s plan, which calls for a complete ban on cryptocurrency trade and mining within Russia. But recently, Russia switched from its decision to impose the ban. He said, “I perfectly agree with the proposal and also support the senior EU financial regulator’s point that the EU should ban the mining method used to produce most new bitcoin.”
Matolcsy showers his opinion about crypto
Matolcsy mentioned the most argued opinion that “It is clear-cut that cryptocurrencies could service illegal activities and tend to build up financial pyramids. Russia’s central bank is right saying that “the breakneck growth and market value of cryptocurrencies are defined primarily by speculative demand for future growth, which creates bubbles.”
Matolcsy urged that the EU should act together in order to preempt the building up of new financial pyramids and financial bubbles. He also added that EU citizens and companies would be allowed to own cryptocurrencies abroad, and regulators would track their holdings.
Satoshi standing tall in Budapest
On September 17, 2021, an enormous bronze monument honoring the unknown founder of the Bitcoin digital currency was revealed in Budapest, Hungary’s capital. Its makers claim it is the first of its kind in the world.
The figure rests on a stone pedestal etched with the name Satoshi Nakamoto, the alias of the enigmatic Bitcoin innovator whose actual identity is unknown. It was erected in a business park near the Danube River in Budapest.
Andras Gyorfi, a Bitcoin journalist and the project’s originator, described Satoshi as “the founding father of the whole cryptocurrency sector.” “He’s the god of our market since he invented Bitcoin and blockchain technology.”
The bust’s featureless face is extensively polished to make it reflective like a mirror in which onlookers may see themselves, and it’s wrapped in a golden hoodie branded with the Bitcoin emblem.